New Delhi: In a significant step towards strengthening economic ties between India and Sri Lanka, the Federation of Indian Export Organisations (FIEO) and the National Chamber of Exporters of Sri Lanka (NCE) have signed a Memorandum of Understanding (MoU) aimed at enhancing bilateral trade and fostering deeper economic collaboration between the two neighbouring countries.
The partnership establishes a structured framework to enhance trade linkage. It aims to foster stronger networking opportunities between exporters of both countries and promote joint trade initiatives, including participation in trade fairs, exhibitions, and buyer–seller meets, facilitating the exchange of trade delegations and market intelligence and supporting exporters through capacity-building programmes and sector-specific cooperation.
Commenting on the collaboration, FIEO Director General and CEO, Dr Ajay Sahai, said: “This MoU is a timely and strategic initiative that will serve as a catalyst in expanding trade volumes, unlocking new business opportunities, and reinforcing the historic and economic bonds between India and Sri Lanka.”
The MoU is expected to contribute meaningfully to the growth of bilateral trade and investment by leveraging each country’s strengths, enhancing competitiveness, and facilitating smoother access to markets. It underscores the shared commitment of both organisations to support their respective export communities and contribute to the long-term development of Indo–Sri Lankan trade relations.
The MoU was signed virtually, with the ceremony attended by key dignitaries and trade leaders, including FIEO’s Sahai, FIEO’s Additional Director General Suvidh Shah, High Commission of India, Colombo, First Secretary (Political) & Head of Chancery, Rambabu C., NCE President Indhra Kaushal Rajapaksa, and NCE Secretary General and CEO Shiham Marikar.
According to the Department of Commerce, the merchandise trade between India and Sri Lanka reached $5.5 billion in FY 2023-24, with India’s exports amounting to $4.1 billion while Sri Lanka’s exports were at $1.4 billion. Bilateral trade was also supported by various Lines of Credit and a Credit facility for the procurement of essential items.
(IANS)
