Sri Lanka’s main trade body, the Ceylon Chamber of Commerce and the Beijing Chamber of International Commerce on Monday signed a Memorandum of Understanding (MOU) to work together to promote trade and commercial ties between the two countries.
Mangala P. B. Yapa, Chief Executive Officer and Secretary General of the Ceylon Chamber of Commerce and Yu Haibo, Deputy Director General of the Beijing Chamber of International Commerce signed the MOU on behalf of the respective parties.
The MOU will enable both parties to work together to promote trade and investment between the two nations, by sharing information with regard to trade, technical transfer, economic cooperation and also exchange of important publications.
The primary focus of the MOU, which was signed at the Ceylon Chamber of Commerce, will also particularly focus on helping the Small and Medium sized enterprises of the two nations.
Speaking during the occasion, Mangala Yapa said that it is time Sri Lanka and China develop a “B2B” relationship, extending from the present government to government relationship.
He also emphasized on the huge trade gap existing between the two countries, with the trade balance is in favor of China.
Yu Haibo said, that the Beijing Chamber of International Commerce will help Sri Lankan exporters to enter the Chinese market.
Chinese imports to Sri Lanka during the year 2014 stands at a massive US$ 3.4 billion, while Sri Lankan exports to China just stands at US$ 173 million.