Team from Japanese giant Itochu meets Basil

A Japanese business delegation led by Chairman of the Japan-Sri Lanka Business Cooperation Committee and Senior Corporate Advisor to Itochu Corporation of Japan Kouhei Watanabe met Minister of Economic Development Basil Rajapaksa at the Ministry of Economic Development yesterday.

Watanabe said the Japan Sri Lanka Business Cooperation Committee was working toward promoting investment and trade between two countries. The committee met in Japan last year with the attendance of more than 150 Japanese businessmen and investors and a joint meeting between Sri Lankan and Japanese business communities will be held this year in Sri Lanka.

Watanabe said ItOCHU Corporation of Japan was interested in trading Sri Lankan tea in Japan and China. Therefore, two trade representatives of the company are visiting Sri Lanka to undertake a feasible study.

Demand for Sri Lankan tea in the Japanese market is increasing. China is a major tea producing country, but there is immense demand for high quality tea. Therefore Itochu Corporation intends to export Sri Lanka tea to both markets, he said.

Minister Rajapaksa thanked Japan for the support given by the Japanese Government and Japanese people continuously for the development of Sri Lanka and well being of its people. He said the Japan-Sri Lanka Business Cooperation Committee had done a very good service to promote economic cooperation between the two countries.

Itochu Corporation has been in Sri Lanka for a long period of time. Despite some large companies leaving Sri Lanka during the war, Itochu remained in Sri Lanka throughout the good and bad periods and he thanked it for that.

The Minister said Japan had helped Sri Lanka to build its economy by providing financial and technical assistance and that it was the major aid provider from the 1970s to present. Now it is time for the Japanese investor community to reap the benefit of the fast-growing Sri Lankan economy by investing and expanding trade and commence relations.

Fishing is a specific area in which the two countries can have joint ventures since Japan is helping Sri Lanka to promote sea cucumbers and sea trades. Now a plan is underway to start joint tourist programs aimed at the Maldives and Sri Lankan markets. The Minister said the Economic Development Ministry together with Trade and Foreign Ministries would extend their fullest cooperation to make the joint meeting between Sri Lankan and Japanese business communities a success.

He said the visit by the Japanese Deputy Prime Minister this year was very successful in strengthening economic cooperation between the two countries and likewise the joint meeting would also bring good results to both countries.

Hidekki Ishizuka, Chargé d’affaires Embassy of Japan in Sri Lanka, Akihiko Suzuki, General Manager, International Coordination Department of Itochu Corporation, Ichiro Shimizu, Itochu Corporation South West Asia Chief Officer and Thakashi Yoshino, General Manager of Itochu Corporation also participated in this discussion.