VN, Sri Lanka enhance industry, trade cooperation

VGP – The Ministries of Industry and Trade (MIT) of Viet Nam and Sri Lanka have agreed to enhance cooperation in mechanics, oil and gas as well as exports and imports.

August 21, 2014 5:10 PM GMT+7

The talks held between Viet Nam and Sri Lanka's Ministries of Industry and Trade, Ha Noi, August 21, 2014 - Photo: VOV

The agreement was made on August 21 at the talks between Minister Vu Huy Hoang and his Sri Lankan counterpart Rishad Badiutheen.

The two sides highly valued their cooperation in trade, industry and investment and propose measures to launch specific cooperative activities between the two ministries in the future.

They were unanimous in realizing trade promotion activities to establish a joint trade sub-committee, accelerating the implementation of the Memorandum of Understanding on mechanics and oil and gas cooperation to create favorable conditions for cooperative activities between the Viet Nam Oil and Gas Group and its Sri Lankan partners.

They also agreed to strengthen delegation exchanges at all levels and set up a mechanism to provide more information about business and investment.

In 2013, the two countries made a two-way trade turnover of US$166.6 million. Over the first half of the year, Viet Nam’s export and import turnover to Sri Lanka was US$66 million and US$43 million, respectively.

As of July 20, Sri Lanka poured US$14.2 million in 10 projects in Viet Nam, ranking 65^th among 101 nations and territories investing in Viet Nam.

By Thuy Dung