Sri Lanka, Seychelles sign MoU to promote investments

Friday, 29 August 2014 00:56 - - {{hitsCtrl.values.hits}}

Sri Lanka and Seychelles yesterday signed a Memorandum of Understanding to promote investments among the two countries. The two-year deal which is automatically renewable was entered into by the Board of Investment of Sri Lanka and the Seychelles Investment Board. Seychelles Minister of Finance, Trade and Investment and Sri Lanka’s Investment Promotion Minister Lakshman Yapa Abeywardena witnessed the signing. Minister Abeywardena said through the MoU there would be an exchange of information between the two investment promotion agencies to create a favourable environment for investment. It will also build relationships between investors from both countries who will identify and promote business opportunities. “Under the MoU, both countries will assist investors by arranging field trips,” the Minister said. “I am also very pleased that this MoU will lead to promoting of manpower training and create hope and opportunities for our greatest treasure, our youth. I think that this will develop cooperation in the tourism sector, which is an important industry for both our countries,” he said. The MoU will be implemented by a joint committee that will consist of an equal number of officials from both countries. The Committee will meet and build cooperation. Minister Abeywardane recalled the strong friendly ties between Sri Lanka and the Seychelles. On 1 June, President Mahinda Rajapaksa made a State visit to Seychelles. During the visit a number of key agreements were signed, including one covering investment and committing both parties to sign an MOU promoting cooperation in investment. “The visit was very fruitful and developed cooperation and also resulted in a small but significant Sri Lankan economic presence in Seychelles,” the Minister said. Sri Lankan institutions such as Mihin Airlines, Nawaloka Medical Centre and the Bank of Ceylon set up branches in the Seychelles. Seychelles President James Michel visited Sri Lanka in 2012.