Sri Lanka and Japan sign MoC on economic cooperation

Sri Lanka and Japan signed a Memorandum of Cooperation and held the Sri Lanka–Japan Intergovernmental Economic Policy Dialogue yesterday (February 16) at the Ministry of Finance, Planning and Economic Development auditorium to strengthen bilateral economic relations.

The agreement formalizes collaboration on an economic policy dialogue between the two countries.

On behalf of Sri Lanka, the agreement was signed by K. A. Vimalenthirarajah, Secretary to the Ministry of Trade, Commerce, Food Security and Cooperative Development, and Dharshana M. Perera, Acting Additional Secretary (Bilateral Economic Affairs) of the Ministry of Foreign Affairs.

Representing Japan, the signatories were Matsuo Takehiko, Vice Minister for International Affairs at the Ministry of Economy, Trade and Industry, and Murotani Masakatsu, Director of the Southwest Asia Division at Japan’s Ministry of Foreign Affairs.

During the discussions, both sides reviewed a roadmap to enhance economic ties. Presentations were made on Sri Lanka’s foreign investment policy and opportunities to attract foreign direct investment. Officials also introduced a plan to create an industrial economic corridor and presented a report reviewing Sri Lanka’s export capacity.

The Japan External Trade Organization presented a report on the business environment for Japanese companies operating in Sri Lanka, while leading firms including Itochu and Mitsui shared their business experiences in the country.

Representatives from both nations expressed confidence that the agreement and dialogue would take Sri Lanka–Japan economic cooperation and long standing friendship to a new level. A working group will be established to implement the proposed industrial economic corridor.

The event was attended by Finance Ministry Secretary Dr Harshana Suriyapperuma, Japanese Ambassador to Sri Lanka Isomata Akio, Senior Economic Adviser to the President Duminda Hulangamuwa, Board of Investment Director General Renuka Weerakoon, Ceylon Chamber of Commerce Chairman Krishan Balendra and Japan–Sri Lanka Business Cooperation Committee Chairman Fumihiko Kobayashi, along with public and private sector representatives.