The Industrial Association of Sri Lanka (IASL) an affiliated trade association that comes under the aegis of the Ceylon Chamber of Commerce entered into a Memorandum of Understanding with the All India Association of Industries (AIAI) on February 07, 2013.
The objective of signing the Agreement is to recognise the immense possibilities for enhancing economic and commercial links between India and Sri Lanka and also enhance the promotion and strengthening of bilateral trade, investments, technology transfer, joint ventures and collaborations between the IASL and the AIAI.
The MoU was signed on behalf of the IASL by Chairman IASL Pravir Samarasinghe, while President AIAI, Vijay G. Kalantri signed on behalf of the Indian Association.
The IASL believes export oriented manufacture is key to the long-term health of our economy and towards this end urges its membership and industrialists to develop their competencies, diversify their product base and broaden markets.
Samarasinghe added “for example, at present only 5% of our exports are to India. This large and fast growing market alone offer huge opportunities for our industrialists. Exporting branded and finished goods to the large consumer market in India or intermediary products and components to the growing manufacturing base in India should be aggressively pursued. This MoU with the All India Association of Industries creates a foundation for greater linkages with Indian counterparts and easier entry into the Indian sub-continent where almost 23% of the world population lives”.
The IASL affiliated to the Ceylon Chamber of Commerce represents over 100 domestic industries from medium scale to large.