Govt. and Oman to sign trade agreement

Saturday, 25 August 2012 03:07 - - {{hitsCtrl.values.hits}}

Sri Lanka is to sign an agreement to promote trade with Oman to increase tourism and investment.

The Cabinet has approved a proposal made by External Affairs Minister Prof. G.L. Peiris to sign the Memorandum of Understanding on Bilateral Consultations with Oman, Government Spokesman and Media Minister Keheliya Rambukwella said.

He told a press conference that the proposed agreement would pave the way for closer cooperation between the two countries in tourism and investment.

“Though trade between the two countries is marginal, it is heavily in favour of Oman due to the import of petroleum,” he noted.

A high-powered delegation from Oman arrived in January this year to discuss possible investment opportunities in Sri Lanka. Interest in the island’s booming post war tourism sector was also expressed at the meetings.

In July the Sri Lankan Embassy in Oman organised a landmark trade and food exhibition to diversify exports to the oil-rich nation.

Oman also offered to export petroleum to Sri Lanka if Iran sanctions were imposed on it but the US later exempted the Indian Ocean nation.