Sri Lankan and Indian Chambers signed a MOU

Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) of India and Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) signed a Memorandum of Understaing (MoU) to jointly ptomote trade and investment between the two countries.
“Still there is immense potential left to further expand bilateral trade between India and Sri Lanka and since the signing of the Indo-Sri Lanka Free Trade Agreement in March 2000 trade has grown rapidly between the two countries,” said FCCISL Secretary General/CEO, Samantha B Abeywickrama at the occasion of signing the MoU with FAPCCI.
FAPCCI and FCCISL signed the MoU to foster friendship and to promote trade, investment, social, economic, human resource development, technical and scientific cooperation, friendship and other spheres of economic activity.
Abeywickrama said that negotiations on India and Sri Lanka Comprehensive Economic Partnership Agreement (CEPA) is now ready to be signed and thus it would facilitate the inclusion of investment and services in addition to deepening commitments embodied in the Indo-Sri Lanka Free Trade Agreement signed in 2000.
He said that FCCISL is a one-stop shop for investments in Sri Lanka and invited Indian entrepreneurs to visit Sri Lanka to explore the opportunities.
Shri Suraj Prasad Agrawal, President, FAPCCI said that the early conclusion of CEPA will have an added impetus to the ongoing Indo-Sri Lankan economic partnership. The FTA has accelerated the development of economic cooperation and with growing mutual trade, a bilateral trade of US $ 5 billion is envisaged to be achieved by 2010.