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| Sunday, 8 February 2004 |
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Indo-Lanka industrial pact signed by HIRAN H. SENEWIRATNE Sri Lanka signed a Memorandum of Understanding (MoU) with India to develop Small and Medium Enterprises (SME), to boost the industrial sector of both countries simultaneously, said Minister of Industries Rohitha Bogollagama. He said the aim of this Indo-Lanka Industrial Co-operation (ILIC) was to enhance co-operation between the Ministry of Industry of Sri Lanka and the Ministry of Small Scale Industries of India. Minister Bogollagama said the agreement would be a major breakthrough for the SME sector for Sri Lanka. It was signed by Minister Bogollagama and India's Minister of Small Scale Industries S. P. Thakur on January 27, after a seven-month discussion with the Indian government, he added. Bogollagama said that the most important feature of the MoU was that it would give an easy access to Indian institutional and policy framework to develop our SME sector. Enlighting the business chamber leaders on the MoU he said that "the foundation had been laid for a major industrial breakthrough with assistance from India". "India is one of the fastest growing nations in the world, and we can absorb a lot from them", said Bogollagama. Under this agreement, potential industrial surveys and feasibility studies will be conducted to identify areas and opportunities for the development of small scale industries in Sri Lanka. Promotion of partnership projects and institutional and enterprise co-operation between the two countries, exchange of experiences to provide training and encourage research for improvement of private sector managerial skills and technology transfer are some of the initiatives to be implemented through the MoU, he added. During the recent visit to India, Bogollagama had observed that many Indian SME companies were keen to invest in Sri Lanka. He said that India would be the biggest investor in Sri Lanka very soon. An SME business directory was vital for the development of the industrial sector of both countries, he said. |
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