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by Ramani Kangaraarachchi

Secretary, Ministry of Trade and Commerce S. Wirithamulla said that Sri Lanka hoped the construction of the Sethusamudram project would end up in a manner that both India and Sri Lanka would benefit equally and it would not affect the long standing and strong bi-lateral relations between the two countries.

A seminar on business prospects with India organised by Small and Medium Enterprise Developers was held at the Galadari Hotel yesterday. (From left): Manager SMED Nihal Cooray, Director TANSTIA-FNF Service Centre Chennai K. Saraswathie, Secretary, Ministry of Trade, Commerce and Consumer Affairs S. Wirithamulla, President, Federation of Chamber of Commerce Nihal Abeysekara, Chairman TANSTIA-FNF Service Centre Chennai M. Rabindranath and Deputy Director, Department of Commerce Nimal Karunatilake. (Picture by Ranjith Jayaweera)

He was addressing a delegation from TANSTIA-FNF Service Centre India at the Galadari Hotel yesterday. Wirithamulla was the chief guest at the seminar organised by Small and Medium Enterprise Developers on Business Prospects with India.

He said that India is our Big Brother and it is a fact that Indian influence is very visible now in Sri Lanka with regard to the IOC petroleum distribution, Bajaj three-wheelers and recently with Podi Samba rice.

The Free Trade Agreement (FTA) in 1999 has progressed well and we should continue to grow it further, he said.

Chairman TANTIA-FNF Service Centre, M. Rabindranath said that India is prepared to give its fullest support to develop the SME sector in Sri Lanka and looks forward to get involved in food processing, automotive, energy saving, water resource saving, household and herbal products where there is a lot of potential.

He said that SMEs are the backbone of the economy of any country which need all the guidance by way of technology, management and infrastructure and a large number of job opportunities could be created in this area. He said that the database of all industries across the globe is available at their information centre which can cater to the needs of Small Industries and exporters.

Answering a question raised by a delegate on duty concessions for exports Executive Director BOI Channa de Silva said that they are permitted to import any raw material to reexport manufactured goods under zero custom charges and eligible for five years tax free profits.

A reduced tax will be charged after five years.

President Federation of Chamber of Commerce, Nihal Abeyekara, Deputy Director of Commerce Nimal Karunatilake, Manager Environment and Industrial Engineering Nihal Cooray were also present.

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