Tuesday, February 7, 2023

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Philippine and Sri Lanka Business Councils sign MOU to promote trade

Business Councils of Philippine and Sri Lanka have taken a joint initiative in Manila to promote trade and investment between the two countries, official sources said.

The Sri Lanka-Philippine Business Council signs MOU with its counterpart in Manila to achieve this objective. .

The Sri Lanka-Philippine Business Council (SLPBC) recently concluded its annual visit to the Philippines to attend the 48th Philippine Business Conference and Expo.

Comprised of a 30+ delegation, led by Ravi De Silva, the incumbent president, the SLPBC attended the prestigious event held in October 2022 at the Manila Hotel.

A key event at the Business Conference was the signing of an MOU between the Sri Lanka-Philippine Business Council and their counterparts the Philippine-Sri Lanka Business Council to jointly promote mutually beneficial trade and investment between both countries.

The MOU which was signed by Ravi De Silva, President of Sri Lanka-Philippines Business Council and Michael Chen, Chairman of the Philippines-Sri Lanka Business Council,. in the presence of. Shobini Gunasekera, Ambassador of Sri Lanka to the Philippines; Hugh Sriyal Dissanayake, Honorary Consul General of the Philippines in Sri Lanka.

On signing of this historic MOU, both parties jointly agreed to the regular exchange and dissemination of information between both countries aimed at expanding and developing opportunities for enhancing economic cooperation, increasing bilateral trade and enhancing investment opportunities between Sri Lanka and the Philippines.

The signed MOU also allows both countries to focus on bilateral development in the key areas of information and communications technology, innovation, agriculture, manufacturing, franchising, tourism, services, and small and medium enterprises development.

It will be facilitating the exchange of market data, policy information, legal and regulatory requirements etc. for business tie ups and partnerships between both countries.

The MOU further allows the two parties to organize and host outbound and inbound trade and investment missions between the two countries and will assist in the identification and establishment of business contacts from their respective countries.

Looking back on the meeting Shobini Gunasekera, Ambassador of Sri Lanka to the Philippines, said “the signing of the MOU was a major highlight as this opens up several opportunities between both countries.

Speaking on the event, the Honorary Consul General of the Philippines in Sri Lanka; Hugh Sriyal Dissanayake said “the signing of the MOU will lead to elevated economic and business development and expansion between both countries”

All in all, the signing of the MOU between the business councils of both countries bodes well for economic and corporate development and investment between both countries, he added.

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