MoU to enhance SL-Czech trade | Sunday Observer

MoU to enhance SL-Czech trade

The Czech Republic and Sri Lanka are exploring the possibilities of expanding trade, investment and economic cooperation. An MoU will be signed this week to ensure enhanced bilateral trade between the two countries.

There are trade, investment and joint venture related opportunities that the Czech Republic could explore. The huge untapped potential will give rise to many avenues that Sri Lanka and the Czech Republic could benefit, Czech Chamber of Commerce, Vice President Borivoj Minar said.

“The possibilities are huge. It clearly underscores the potential. Czech Republic has been a friend to Sri Lanka all the time. A solid foundation of industrial cooperation and bilateral trade promotion are possibilities,” he said.

A Czech Republic business mission led by Junior Deputy Minister for non-European Cooperation, Economic and Developmental Collaboration Ivan Jancarek, visited Sri Lanka to deepen trade relations between the two countries.

“The potential is substantially higher. We need to use it to the fullest and be ready to explore possibilities.

Trade between the two countries stands at US $ 70 million at present. There is a market for good quality products at competitive prices,” Minar said.

GDP growth in Sri Lanka is impressive. “We could benefit by broadening trade capacity and scope. It is not only trade, but as an educational partner the Czech Republic can be a useful party. With regard to tourism, the Czech Republic is a good tourist market for Sri Lanka and the country is doing a good job to attract tourists,” he said.

The main Czech exports to Sri Lanka are synthetic caoutchouc, artificial gut, iron, telephones, tricycles, prams, car accessories, machinery, knives, saws, vats and paper and cardboard products.

“I am firmly convinced that the current mission will help promote bilateral cooperation between the two countries. Owing to the Czech Republic’s industrial tradition and the technological inventiveness of its people, Czech firms are among the best in the world and can offer globally competitive products and services,” he said.

“ I strongly believe that we can offer capacities, competencies and capabilities which bring about mutual benefits. I hope that this visit will contribute to further expansion of business contacts and understanding between the two countries,” Minar said. The Czech Republic is a reliable and technologically more advanced country. It builds its economy on export, investments, research and development and innovations.