Vietnam Trade Promotion Agency and EDB of Sri Lanka agree to enter into MoU

Friday, 19 July 2024 00:08 - - {{hitsCtrl.values.hits}}

Vietrade Director General and the officials at the Virtural Seminar in Ha Noi

The Embassy of Sri Lanka in Vietnam initiated signing a Memorandum of Understanding (MoU) between Vietnam Trade Promotion Agency (Vietrade) and Sri Lanka Export Development Board (EDB) for establishing cooperation between trade promotion agencies of the two countries. The initial meeting between the two organisations were convened virtually.

Ambassador Prof. A. Saj U. Mendis delivering the opening remarks accentuated that although there are immense opportunities to cooperate between the two countries, lack of coordination between trade promoting agencies is a compelling hindrance in arranging B2B meetings and exchanging trade delegations between the two countries, which are key to boost and elevate bilateral trade relations. In 2023, Sri Lanka’s exports to Vietnam was around $ 35 million and imports from Viet Nam was $ 185 million, which is negligible when compared to Vietnam’s exports and imports with the world, which is around $ 360 billion and $ 330 billion respectively. The proposed MoU addresses many areas of cooperation and collaboration which facilitates those difficulties and impediments. It is envisaged that this would contribute towards achieving the trade turnover targets of $ 500 million first and then $ one billion within the next three to four years, thus benefiting both the countries.

EDB Acting Additional Director General (Development) Anoma Premathilake delivering her remarks, expressed the willingness and enthusiasm of EDB to cooperate with Vietrade in future trade promotional activities and proposed to establish an Action Plan based on the MOU. Exchanging latest market information, exchanging trade and investment missions, Co-organising trade promotional events, organising training and technical assistance programs, exchange of experts, know-how and experiences, supporting respective representative offices are some of the areas for cooperation under the MOU.

The MOU was well received by Vietrade Director General Le Hoang Tai. Tai remarked his anticipation to boost bilateral trade between the two countries based on this new cooperation and collaboration.

EDB Assistant Director Manuka Perera and Vietrade Official of International Relations Nguyen Duc Tung presented on EDB and Vietrade respectively, which provided a comprehensive understanding of each organisation.

The meeting concluded with a positive note from each side for obtaining necessary approvals in order to sign the MoU in due course. It is expected to sign the MoU in the forthcoming Third Sub Committee Meeting on Trade between Sri Lanka and Vietnam.

Ambassador Mendis articulated that enhancement of bilateral trade would markedly contribute to economic and commercial advancement of both the countries, mostly Sri Lanka. Further, Mendis stated that along with bilateral trade, the other economic activity such as FDIs, tourism and research and development, amongst others, too would get fueled and augmented leading to greater economic prosperity. Ambassador Mendis did conclude his brief remarks by stating the sagacious words of Benjamin Franklin “No country was ever ruined by trade and always prospered by trade”.

The MOU was initiated and the meeting was arranged by Minister (Commercial) Embassy Kishani Wickramasinghe.