Federation of Chambers of Commerce and
Industry of Sri Lanka (FCCISL) and the
Federation of Andhra Pradesh Chambers of
Commerce and Industry (FAPCCI) signed an MoU
to promote trade and investment between Sri
Lanka and India.
The signing of the MOU
took place in the Andra Pradesh Chamber head
The MoU is aimed at fostering friendship and
promote trade, investment, social, economic,
human resource development, technical and
scientific cooperation, friendship and other
spheres of economic activity between the two
According to a communique issued by the
FCCISL Samantha Abeywickrama, Secretary
General of FCCISL said there is immense
potential left to further expand bilateral
trade between India and Sri Lanka. Since the
signing of the Indo-Sri Lanka Free Trade
Agreement (FTA) in March 2000 trade has
grown rapidly between the two countries.
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 FTA.
Shri Suraj Prasad Agrawal, President,
FAPCCI said the Free Trade Agreement signed
between Sri Lanka and India in 2000 has
accelerated the development of economic
cooperation and with growing mutual trade; a
bilateral trade volume worth US $ 5 billion
is envisaged to be achieved by 2010.
He said that to boost the SME sector in Sri
Lanka, India has extended 3 lines of credit
for exclusive procurement of goods and
services from India to enhance the
purchasing power of Sri Lanka.