Sri Lanka, Kuwait business chambers to promote trade, invesment
ECONOMYNEXT – Private sector business chambers in Sri Lanka and Kuwait are to sign an agreement to deepen trade and investment ties between the two countries, the Ministry of Industry and Commerce has said.
The decision was reached at the second session of the Kuwait-Sri Lanka Joint Ministerial Committee (JMC) held in Kuwait.
The trade talks had focused on a wide range of cooperation in areas such as agriculture, financial services, industry, investments, labour, and tourism.
"Both sides reaffirmed their commitment to further advance and consolidate Kuwait-Sri Lanka trade and economic ties through a number of initiatives that would involve closer engagement of the private sector," Sri Lanka’s Ministry of Industry and Commerce said in a statement Friday.
"In this context, the two sides agreed to facilitate a memorandum of understanding between the Kuwaiti Chamber of Commerce and Industry and the National Chamber of Commerce of Sri Lanka".
Trade between the West Asian kingdom and the Indian Ocean island stood at 50 million US dollars with Sri Lankan exports valued at 33 million US dollars.
Sri Lankan exports to Kuwait include black tea, edible preparations, desiccated coconut, coconut milk powder, fruits and vegetables, and flowers.
Kuwaiti imports include sends plastics, chemicals, paper and fertilizer.
"The Kuwaiti Chamber of Commerce and Industry had expressed interest in a few joint venture projects in Sri Lanka," the Ministry of Commerce and Industry said.
"It was agreed to conclude the MOU prior to the next session of the Ministerial Joint Committee," it said. (COLOMBO, 12 October 2018)