Establishment of SAARC Industrial Zone proposed

The Sri Lankan Government has proposed establishment of SAARC Industrial Zone to promote trade and industrial activities in the South Asian region.

According to a press release by Saarc Chamber of Commerce and Industry (SCCI) here on Friday, President SCCI, Tariq Sayeed informed that proposal, conveyed through Nawaz Rajabddin, Vice President SAAC CCI (Sri Lanka ), was given by Professor G L Pieris, Minister of Export Development and International Trade, Sri Lanka.

It may be recalled that SCCI President is visiting Sri Lanka to explore ways and opportunities for enhancing bilateral trade volume between the two SAARC countries.

The idea of setting up of Industrial Zone is aimed at providing facilitation to the business community of the region to stimulate regional economic cooperation, the press release said adding that the industrial units to be installed in the proposed zone would be given facilities similar to those provided in Export processing Zones.

Responding to the proposal, President SCCI appreciated the idea, saying that such initiatives would help promote intra-regional trade and industrial activities.

He said that the other countries of the region should also establish similar Industrial Zones, which would prompt commercial activities in the region and eventually help achieving objectives of SAFTA.

“Since the issue is of great significance, it would be discussed in the forthcoming meeting of SCCI Executive Committee Meeting” said President SCCI.

He said that efforts would be made persistently to convince the respective Governments of SAARC to establish such industrial zones so that the perceived objectives of economic integration of SAARC are achieved.