Friday, 2 August 2013 03:43
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India and Sri Lanka are to sign a Memorandum of Understanding to boost the textile industry under a joint initiative. The MoU will be between the Ministry of Textiles of India and the Ministry of Industry and Commerce of Sri Lanka on cooperation in the development of SMEs in handloom, power loom and textiles.
The objective of this MoU is to expand the business and cooperation in the development of small and medium enterprises in handloom, power loom and textiles. The MoU has been jointly prepared by both parties and will remain in force for five years from the date of signing and could be renewed every five years.
The proposal was made by Industry and Commerce Minister Rishad Bathiudeen to sign the MoU and the Cabinet gave approval this week to proceed with the relevant activities.
