Sri Lanka and Czech Republic sign agreement

Last Wednesday, the Development Strategies and International Trade Ministry of Sri Lanka and the Industry and Trade Ministry of the Czech Republic entered into an agreement of mutual cooperation.

Both countries have agreed to expand their relationship and the mutual cooperation agreement will enhance bilateral trade and economic cooperation as well as create opportunities for investment flows through exchange of information on laws and regulations governing foreign investments.

According to dailymirror.lk, the agreement was signed between Development Strategies and International Trade Minister Malik Samarawickrama and Czech Republic Extraordinary and Plenipotentiary Ambassador to Sri Lanka Milan Hovorka, who was authorised to sign on behalf of the Industry and Trade Minister of the Czech Republic.

Recognising the Czech Republic as a fast-growing economy in the EU, it could potentially become an important export destination for Sri Lanka. Sri Lanka’s exports to the Czech Republic amounted to around US $ 55 million in 2017, with a positive trade balance. Sri Lanka has an opportunity to export to the Czech Republic from sectors such as electronics, chemical products, essential oils, processed foods, fruits and vegetables, tobacco, ceramic products and seafood.

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