Lanka, Kerala chambers of commerce sign MoU

Kochi, Apr 17: The Kerala Chamber of Commerce and Industry today signed a Memorandum of Understanding with the Federation of Chambers of Commerce and Industry of Sri Lanka to step up cooperation in trade, economic and industrial activities.

Signing the MoU at a function here, KCCI president E S Jose and FCCISL president Nawaz Rajabdeen hoped that it would help to establish effecive means of communication between the companies and private business organisations of both sides.

Present at the ceremony were Kochi Mayor Mercy Williams, Member of Parliament Sebastian Paul, former Kerala tourism minister K V Thomas, MLA, and Mr H M B Herath, Minister (Commercial), in the Sri Lanka Deputy High Commission, Chennai.

In a special address, Mr Deshabandhu Macky Hashmim, former president, SAARC Chamber of Commerce and Industry, said Sri Lanka provided a very conducive environment for promoting investments and exports.

Under the 'GPS Plus' status given to the island nation by the European Union, Sri Lankan goods could be exported to the EU without attracting any customs duties. Similarly, under a Free Trade Agreement signed with Pakistan, Sri Lanka could export nearly 4,000 goods without customs duties.

Inviting businessmen from Kerala to take advantage of these arrangements, Mr Hashim said they could use Sri Lanka as a base to export to the European Union and Pakistan.

Investments made under the Board of Investment (BOI) arrangement were exempted from duties and income tax and the industries were allowed to repatriate capital and profits, he said.

Under the MoU, the two sides would exchange delegations and trade and economic missions, encourage participation of their members in international fairs and exhibitions in each country, exchange technical expertise, assist their members in trade operations and exchange information on laws and regulations related to business opportunities.

UNI