Taiwan, Sri Lanka sign pact to boost collaboration

The Taiwan External Trade Development Council (TAITRA) inked a memorandum of understanding with the Federation of Information Technology Industry Sri Lanka June 1 in Taipei City aimed at fostering economic exchanges, boosting trade and exploring investment opportunities between the two sides.

The agreement was signed by TAITRA President and CEO Walter M. S. Yeh and FITIS Chairman Kithsiri Manchanayakke on behalf of their respective organizations.

According to TAITRA, the accord will enable the organizations to jointly arrange meetings and seminars to facilitate greater trade and information sharing. Through the pact, the two bodies will also provide market research and assistance to companies from their respective nations, as well as explore business and investment opportunities to promote the expansion of local firms.

At the signing ceremony in Taipei, Yeh said TAITRA and FITIS share the goals of helping local firms expand overseas through networking, marketing and participating in government endeavors. He added that he looks forward to enhanced economic and trade relations with Sri Lanka.

Manchanayakke also spoke at the occasion, saying the agreement marks a milestone in bilateral economic and trade collaboration. He expressed his hope that the international platform for exchange will act as the cornerstone for more cooperation between the two sides.

In addition to attending the signing ceremony, Manchanayakke also led a delegation of representatives from nine Sri Lankan companies to this year's Computex Taipei, the largest information and communication technology trade show in Asia. The event was held from May 30 to June 3 at the Taipei World Trade Center.

According to TAITRA, the ICT industry is projected to make up 40 percent of Sri Lanka's gross domestic product in the next five years. It added that the South Asian nation hopes to utilize technology to boost its education, manufacturing, medical and transportation sectors' competitiveness.

Following an agreement concluded in April between TAITRA and the Federation of Chambers of Commerce and Industry of Sri Lanka, comprised of more than 50 chambers of commerce and business associations, the signing of the latest pact is in line with the government's New Southbound Policy, the council said.

A central plank of President Tsai Ing-wen's national development strategy, the initiative aims to deepen agricultural, business, cultural, education, tourism and trade links with the 10 Association of Southeast Asian Nations member states, six South Asian countries, Australia and New Zealand.

Source: Taiwan Today