From left: Embassy of France Economic Councellor Heve Sarnelli, Ambassador of France to Sri Lanka and the Maldives Jean- Marin Schuh, Head of Business France for South Asia Sophi Clavelier, BOI Chairman Dumundra Ratnayake, EDB Chaiperson Indira Malwatta, BOI Director General Duminda Ariyasinghe and Business France representative Jean-Francois Ambrosio
A Memorandum of Understanding (MoU) was signed between the Board of Investment (BOI), Export Development Board (EDB) and Business France yesterday to enhance cooperation, trade and investment.
BOI Chairman Dumindra Ratnayake, EDB Chairperson Indira Malwatte, Head of Business France, South Asia Sophie Clavelier signed the MoU on behalf of their
Under the agreement, the parties are to exchange information and provide mutual support for the benefit of their clients and also to promote economic growth in both Sri Lanka and France.
In addition, the MoU seeks to encourage each party to promote the image of the other country and support FDI from its nationals to the other country. Another clause of the MoU stipulates that the party will exert their influence for the promotion of commercial and industrial partnership between French and Sri Lankan companies.
The MoU also includes a commitment for the provision of commercial information and for assisting each other in organizing fairs, seminars and business mission and co-operation in areas such as publications and creating awareness on investment environment, policies and regulations.
Each party is to provide the other with available and relevant information on initiatives with the purpose of increasing business for French and Sri Lankan companies in each other markets.
Further, periodically meetings will be organized whenever it is necessary to evaluate the development of joint activities or future co-operation between the parties.
It is also important to note that each party is responsible for its own costs of operation under the MoU. The agreement will be in effect for a period of two years and would be automatically renewed unless notice is given by one of the parties.
The MoU also covers intellectual property rights and the use of trademarks and logos of their signatories. There is also mechanism for consultation between the signatories of the MoU.
EDB and BOI said the MoU augurs well for future expansion of tourism, trade and investment from France to Sri Lanka.