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Thursday, February 16, 2012 - 5.38 GMT |
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MoU signed between SL and S'pore to enhance bilateral trade |
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Board of Investment, Sri Lanka and Singapore Business Federation signed a memorandum of understanding (MOU) to promote investment relations between the two countries.
The MoU was signed by the Secretary to the President, Lalith Weeratunga on behalf of Sri Lanka and the Chief Executive Officer of Singapore Business Federation, Ho Meng Kit on behalf of Singapore at Singapore President's House, Istana Palace in the presence of the Heads of State of the two countries.
According to the MoU, it is expected to strengthen the institutional relations between the two countries and the consolidating relations among the private sectors, building a congenial atmosphere for business and investment in all economic sectors of Sri Lanka and Singapore, constant exchange of investment policies and information relating to relevant projects and in increasing investment and business opportunities.
Trade between Sri Lanka and Singapore during the year 2011 amounted to 1.85 Billion US dollars and consequent to the end of conflict in Sri Lanka trade between the two countries has been increased by 53%. Business companies in Singapore are especially keen in investing in flour industry, real estate development, information technology, knitting and garment industry and gem and jewellery manufacture.
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