The Sri Lanka Gem and Jewellery Association (SLGJA) signed a Memorandum of Cooperation (MOC) with Guangdong Gems and Jade Exchange (GDGJE) in Colombo recently, signifying a new phase of bilateral trade development, Chairman SLGJA A.H.M. Imtizam said.
Trade activities between Sri Lanka and China have been on the rise as the two countries are close to reaching a bilateral free trade agreement later this month. Trade between Sri Lanka and China crossed the US$ 4 billion mark last year for the first time in the bilateral trade history, surging by 17 percent from 2014’s US$ 3.58 billion.
The MOC between the SLGJA and GDGJE will embark on establishing a platform and bilateral long-term communication and cooperation mechanism for exchange of market information between the two sides.
“Through our visit to the gems and jewelry industry in Sri Lanka, the Chinese delegation formed by GDGJE gained an in-depth understanding on the local operation of the industry. By signing a MOC with the SLGJA in Sri Lanka, we are going to enhance cooperation and to intensify dialogue on our mutual interest and development between the industries in China and Sri Lanka,” said Li Zhiwei, General Manager of GDGJE.
Following the signing of the MOC, the industries of the two countries will explore joint initiatives to create efficient trading opportunities, such as business matching and exploration tours to the benefit of their respective industry players. In addition, meetings, exhibitions, conferences, training and capacity building programs are expected to be organized more frequently between Sri Lanka and China as a result of the MOC.