The Deputy High Commissioner of Sri Lanka in Chennai, Mr. Vadivel Krishnamoorthy visited the Cochin Chamber of Commerce and Industry on Friday the 20th of December 2019. He was accompanied by Mr. Yasantha De Silva Yaddehi, Minister (Commercial).
On the occasion of this visit the Chamber organized a session on “Doing Business with Sri Lanka” in the Chamber Conference Hall.
The meeting aimed at giving a broad outlook on the trade and investment opportunities in India and Sri Lanka.
In his address, Mr. Krishnamoorthy said that India and Sri Lanka enjoy a vibrant and growing economic and commercial partnership, with both trade and investment expanding greatly in recent years. He said that both countries have a legacy of intellectual, cultural, religious and linguistic interaction. In recent years, the relationship has been marked by close contacts at all levels. Trade and investment has grown and there is cooperation in the fields of development, education, culture, and defence. Both countries share a broad understanding on major issues of international interest, he said.
Mr. De Silva made a presentation on ‘Doing Business with Sri Lanka.’ He said that since the introduction of the India – Sri Lanka Free Trade Agreement in 2000, trade alone has multiplied and the FTA has thus proved to be a real engine of growth for bilateral commercial interaction. He also listed out the merits of engaging in business with Sri Lanka as it offers a rapidly growing workforce which is highly adaptable, English speaking and committed to high-quality delivery, having the closest Port to main shipping routes in South Asia, etc. Its strategic location allows feeder networks from Colombo Port to deliver faster to South Asia and 30% of India’s transhipments are through Colombo Port, he added.
Mr. De Silva said that the Indo – Sri Lanka Free Trade Agreement provides duty-free concessions to a wide range of products traded between two countries and also explained the other agreements that Sri Lanka signed with Pakistan and Singapore. Mr. De Silva spoke on the major export items from Sri Lanka such as rubber, Ceylon tea, Sri Lankan gems, etc.
Mr. V Venugopal, President of the Chamber and Mr. S P Kamath, Executive Committee Member presented mementos to Mr. Krishnamoorthy and Mr. De Silva.
Mr. S P Kamath, proposed the Vote of Thanks.