CCC and SGCCI ink MoU to boost Sri Lanka-Gujarat trade ties
The Morning: The Ceylon Chamber of Commerce (CCC) recently signed a Memorandum of Understanding (MoU) with the Southern Gujarat Chamber of Commerce & Industry (SGCCI), paving the way for enhanced cooperation and growth between Sri Lanka and the dynamic business community of South Gujarat, India.
Established in 1940, SGCCI’s influence extends through its direct engagement with over 12,000 members and indirect ties to more than 2,00,000 members via 150 associations, and it is a leading force in promoting trade, commerce, and industry in South Gujarat. The region’s commercial and economic centre Surat has risen to prominence as the global epicentre for diamond cutting and as India’s textile hub, and is ranked the world’s 4th fastest growing city with a GDP growth rate of 11.5 percent.
Surat’s economic landscape is vibrant and diverse. As India’s 8th largest and Gujarat’s 2nd largest city, it boasts the highest average annual household income in the country and virtually zero unemployment. The nearby Hazira Industrial Area further cements Surat’s status as an industrial powerhouse, hosting major corporations like Reliance, ESSAR, SHELL, L&T, etc., contributing significantly to the region’s economic prowess.
The MoU was signed by Ceylon Chamber of Commerce Secretary General and CEO Buwanekabahu Perera, and SGCCI President Ramesh Vaghasia, in the presence of Consul General for Sri Lanka in Mumbai, India Dr. Valsan Vethody. With the signing of the MoU, facilitated by the Consulate General for Sri Lanka in Mumbai, The Ceylon Chamber of Commerce and SGCCI aim to facilitate trade between the two countries via initiatives such as trade fairs and delegations, business networking events, training programmes, etc.
This partnership will open doors for Sri Lankan businesses to explore opportunities in Surat’s dynamic market and enable the sharing of expertise and resources between the two regions.
OSL take:
Sri Lanka is in the process of reviewing and further strengthening the country’s trade ties with other countries while also exploring new trade ties with more countries. While Sri Lanka has trade agreements and trade concessions with many countries, negotiations are currently underway to enter into new free trade agreements (FTAs) and preferential trade agreements (PTAs). It is in such a backdrop that business chambers in Sri are also engaged in forming partnerships with their overseas counterparts to further expand trade ties. With Sri Lanka’s ongoing economic activities and plan to become a regional hub, the fast strengthening trade ties would further expand business/investment opportunities in the country. The country’s geographical positioning in the Indian Ocean also adds to Sri Lanka’s growing attraction as an emerging business destination in the South Asian region. Given the growth and business potential in the country, foreign businesses/investors could confidently explore the expanding opportunities in Sri Lanka while also looking at setting up base in Sri Lanka to engage with other countries in the region using Sri Lanka’s trade ties with other countries in the region.