CCC expands wings to Egypt

With a view to build a dependable, pragmatic and advantageous relationship and to establish friendly and cordial relations between Sri Lanka and Egypt, the Ceylon Chamber of Commerce signed a Memorandum of Understanding with the Cairo Chamber of Commerce, Egypt with the assistance of Ambassador for Sri Lanka in Egypt S.S. Ganegama Arachchi.

 ‘CCC-Egypt’ is the representative body of the industrial and commercial entities of Egypt established with an objective of increasing the flow of trade through creating business opportunities and improving the business climate for the private sector.

“We have similar objectives and we entered into an alliance with CCC-Egypt in order to promote the private sector business entities to become reciprocal partners and to extend all support cooperation and assistance to each other for the overall benefit of both countries,” Ceylon Chamber CEO and Secretary General Harin Malwatte said.

The scope of the MOU would be to make provisions for a possible alliance between the parties to carry out trade duties and functions for the betterment of trade, Industrial, services and tourism sectors. In the Memorandum of Understanding both parties agreed that coordinated efforts be made to promote joint ventures, initiate partnerships, provide technical expertise, introduce licensing possibilities and arrange visits of industrialists, businessmen and entrepreneurs, in co-operation with Board of Investments of both countries and the respective diplomatic entities.

Balance of trade with Egypt is in favour of Sri Lanka. Exports from Sri Lanka to Egypt amounts to US $ 31 million during 2011 compared to US $ 20 million in 2010. Main items exported from Sri Lanka consist of tea, rubber products, coconut products etc.  Imports from Egypt amounts to US $ 8.6 million in 2011 compared to US $ 12 million in 2010. Main items imported from Egypt to Sri Lanka are essential oils, copper, chemical products and plastic products. The CCC, the premier trade promotion organisation in Sri Lanka has already signed 97 Memoranda of Understanding expanding and further strengthening strong relationships with overseas trade promotion organisations for the benefit of business community in Sri Lanka.