The Philippines and Sri Lanka business sectors have signed a memorandum of understanding (MOU) to jointly promote trade and investments between the two countries.
Michael Chen, chairman of the Philippines-Sri Lanka Business Council, and Rav de Silva, president of Sri Lanka-Philippines Business Council, signed by the MOU during the 48th Philippine Business Conference of the Philippine Chamber of Commerce and Industry (PCCI) at the Manila Hotel.
Under the MOU, both parties agree to regularly exchange and disseminate information with the view of opening up further possibilities for enhancing economic cooperation, increasing trade and expanding investments between the Philippines and Sri Lanka.
Both parties will prioritize the areas of information and communications technology and innovation, agriculture, manufacturing, franchising, tourism, services, and small and medium enterprises development. These will include market data and information on the policy, legal and regulatory environment for doing business in their respective countries.
In addition, the two parties will also endeavor to organize outbound or host inbound trade and investment missions between the two countries and will assist in the identification and establishment of business contacts from their respective countries.
They will also assist in the organization’s participation in exhibitions, trade fairs, symposiums, seminars, conferences, study tours, business-matching, and other means of trade and investment promotion and similar events taking place in their territories that aim to expand business and economic cooperation.
In case of disputes that arise between the members of the parties, they agree to consult each other and encourage members to resolve their differences amicably through mediation prior to arbitration following the laws and regulations enforced in their territories.