Monday, May 31, 2010

CCC looking to link with Indian business to use Indo-Lanka FTA

The Ceylon Chamber of Commerce (CCC) says it is looking to establish links with businesses in Cochin, Coimbatore, Pollachi and Chennai, to maximise on the Indo-Sri Lanka Free Trade Agreement (ISFTA).

The CCC Trade Fair Unit took a seven member business delegation from Sri Lanka to the four Indian cities recently and met with trade chambers and 75 organisations, said the Ceylon Chamber in a press release.

Sri Lankan businesses noted that the ISFTA has been in place for the past 10 years and by now six airlines and 14 shipping lines are operating between India and Sri Lanka. Local businesses noted that opportunities are also emerging in Sri Lanka’s North and East with the end of conflict and with the Hambantota port development.

“Logistics have improved a great deal, the climate is conducive, and tourism is picking up. Sri Lanka is a launching pad to manufacture and export under the ISFTA and I feel this is an ideal opportunity for the Indian business community to enter into joint ventures,” said the leader of the CCC business delegation and Chairman of IFCO, Sarath De Silva.

This is the first time that the CCC has explored the cities of Cochin, Coimbatore and Pollachi. Polllachi in particular is seen as an untapped area with great potential. The President of the Indian Chamber of Commerce and Industry of Cochin also expressed interest in entering into a MOU with the CCC.

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