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| Sunday, 24 November 2002 |
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Investment exchange between Sri Lanka - Egypt mooted A program of industrial exchange between Egypt and Sri Lanka, which would help Sri Lankan businesses to venture into Egypt and Egyptian businesses to invest in Sri Lanka was promoted by Commerce and Consumer Affairs Minister Ravi Karunanayake, who was on a trade promotion mission in Egypt recently. The Minister told the Egyptian Businessmen's Association in Cairo that several proposals and projects had been discussed during the second session of the Sri Lanka-Egypt Joint Commission, including a preferential trade agreement to be signed in the first quarter of next year. He said that total trade between the two countries stood at an average of US$40 million over the last five years, despite Ceylon Tea losing a major portion of its market share during the period due to zero duty concessions granted to Kenyan tea through the COMESA free trade agreement. Karunanayake said Sri Lankan joint ventures in Egypt could provide technical assistance in manufacturing industries such as rubber-based products, coir-based products, biscuits and confectionary products, tyres and tubes, polymer and plastic products, leather products, garments and ceramic items. He said that during his visit, several Egyptian businessmen had expressed interest on investing in Sri Lanka in manufacturing industries such as chandeliers, ovens and cookers, television sets, vehicles, textiles, leather products, rubber products and food processing. |
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