COLOMBO: A Memorandum of Understanding (MoU) was signed between the Ceylon Chamber of Commerce and the Tianjin province of China with the objective of establishing strong business ties between the two parties.
A ceremony was organized by the delegation from Tianjin, the Ceylon Chamber of Commerce and the Sri Lanka Board of Investments (BOI) to mark the occasion. The ceremony also paved the way for both, investors from Sri Lanka and Tianjin, to mingle and get an understanding about the business opportunities in the two markets.
Meanwhile, addressing the occasion, chairman of Board of Investments of Sri Lanka Upul Jayasooriya said that Sri Lanka considers this new pact between the two states a great opportunity to further strengthen trade ties with the Republic of China. He added that he is confident that Sri Lanka will provide ample opportunities for the investors from Tianjin to ‘sink their roots’ into the Sri Lankan market.
“It is always a pleasure to strengthen ties with the Republic of China, but this time I feel that we have taken a step further, as it was revealed that the Province of Tianjin is responsible for a majority of profit of the China Republic. Therefore, we are honoured to establish bilateral trade relations with an economic hub such as Tianjin”, he said.
Expressing the state’s willingness to invest in Sri Lanka, Li Fu Ming, who was a member of the delegation from Tianjin, said that they have recognized Sri Lanka as a ‘land of opportunity’ and that the metropolis of Tianjin is eager to explore the local market.
“We appreciate the Ceylon Chamber of Commerce and the Board of Investments for the support and commitment they showed to make this step a possibility. I can guarantee that this step will be a favorable one for both Sri Lanka and Tianjin, he added.
Ming also asserted that through this agreement Sri Lanka will have ample opportunity to establish themselves in the Chinese market in which Sri Lanka is poorly represented at the moment.
However, he added that Tianjin has already established solid trade ties with 119 countries around the world and that Sri Lanka will be able benefit much more than they bargained for through this agreement.
The province of Tianjin which is also recognized as the birth place of modern industry in China, has roots going over six centuries in the business sector. The province diversifies from small scale industries to massive industries, such as, aero-technology and bio-technology facilities. It is also one of the major economic centers and the largest city in northern China.
It is in the grapevine that after years of construction, Tianjin has rapidly elevated their status in the world technology sector. While maintaining their dominance over the technology sector, Tianjin has also been able to promote their pharmaceutical, new energy, new materials and light industries over a short period of time.