Sri Lanka signs a MOU with China

Nov 25, 2014 (LBO) – Sri Lanka export developmwnt board signs a memorandam of understanding (MOU) with China Council for the Promotion of International Trade of Guangdong (CCPIT-Guangdon) to pave the way for both countries to share information and promote businesses, a media release said. Today’s MOU aims to exchange market information and relevant publications, exchange of official visits between two countries and support to participate at trade exhibitions and other trade events with the overall objective of developing trade between two countries. Yousuf Maraikkar, Executive Director of Export Development Board said.

China is Sri Lanka’s second largest import country with a value of 3 billion US dollars accounting for 17 percent of total imports in 2013. Total trade with China stood at 3,081 million US dollars in 2013.

Sri Lanka’s exports to China has grown over the past five years increasing from 59 million US dollars in 2009 to 121 million US dollars in 2013.

Guangdong is a province on the South China Sea coast of the People's Republic of China which produce 10 percent of China’s GDP, with 104 million population and host some of the largest global multinationals such as Shell (the Petrochemical giant) and Du Pont (chemicals).

Guangdong also hosts Ch