The Confederation of Micro, Small and Medium Industries (COSMI) is hopeful that the micro, small and medium industries sector could have far reaching benefits through collaboration with China and looks forward to technological infusion and building of business links in facilitating growth in terms of exports and production process, its founder President Nawaz Rajabdeen said.
“This sector is seeking assistance to develop its capabilities and contribute more towards the national economy which lacks the capacity and capability at present. The sector is in need of technological input as well as manufacturing process upgrade to meet the demand both locally and internationally. To this end, the measures taken to further the ties between Sri Lanka and China will go a long way in realising the sectoral potential,” he said.
A Chinese business delegation from a technological hub of China’s One Belt One Road (OBOR or BRI - Belt and Road Initiative) project, signed two cooperation agreements with COSMI in Sri Lanka recently.
A cooperation framework agreement between COSMI and China Mianyang Enterprise Union for import and export, and a strategic cooperation agreement between COSMI and Sichuan Yiyang Xuanyu Trading Co. Ltd were inked at this event.
Chairman of the Mianyang Association of Commerce (MAC), of China’s Sichuan Province, Zhang Zhongcheng said, “Mianyan is an important pivot city on the junction of the OBOR project. It is the most dynamic city on the China OBOR belt. It is the only science and technological city approved by the Chinese government.” Chairman of Mianyang Enterprise Union for Import and Export, John Luoand, Secretary General of Mianyang Association of Commerce, Yuan Wenyan, State Minister of International Cooperation, Susil Premajayantha, COSMI Founder President Nawaz Rajabdeen, its Governing Council Chairman Macky Hashim and founding member Hui Dias Bandaranayake were also present.
“We are committed to improve bilateral and trade relations with friendly countries,” said Minister Susil Premajayantha.
“In recent years, China has improved a lot in emerging technologies such as nanotech and biotech. If you launch projects here, Sri Lanka gets that advanced technical know how. The Government, especially the President, guarantees the security of the people and your businesses,” he said.
COSMI President Rajabdeen said, “COSMI works for the revival of the industrial sector in Sri Lanka that now faces various setbacks including lack of new tech and international links. This is why we bring international businesses here and link them to local SMEs for investment and cooperation. COSMI is now planning an industrial machinery expo in Sri Lanka next year.”
The visiting Chinese businesses took part in many B2B ‘COSMI matchmaking sessions’ with representatives of Lankan firms.