Iran-Sri Lanka bilateral trade surpasses $1b
The trade value between Iran and Sri Lanka surpassed $1 billion, the Iranian commerce minister said here on Tuesday.
The Islamic Republic of Iran Broadcasting quoted Mehdi Ghazanfari as saying that, "Iranian contractors have signed a $400-million worth contract for construction of a dam in Sri Lanka."
Ghazanfari is leading a delegation traveling to Colombo to take part in a joint economy and trade cooperation committee meeting between Iran and Sri Lanka.
The 9th Joint Economy and Trade Cooperation Committee meeting between Iran and Sri Lanka, is being held from the 13th to the 15th of September.
In this meeting the two countries commerce ministers plan to sign six MOUs and cooperation agreements in the fields of customs, sisterhood between Shahid Rajaei and Colombo ports and acceptance of each other's maritime certificates.
Also in this meeting agreements will be made between the two countries in the fields of science, culture, art and standardization.
An increase in trade, holding international exhibitions, enhancing maritime relations and implementing engineering and technical projects are among other agendas during the meeting.
In April 2008, Iran began work in several infrastructure development projects in Sri Lanka, all part of a $1.5 billion loan to the South Asian island. These projects included doubling the oil refinery capacity of Sri Lanka's Sapugaskanda refinery as well as creating a 100-megawatt hydropower project and irrigation plan in Uma Oya. In June 2009, the country signed a $106 million agreement with an Iranian firm to provide electricity to roughly 1,000 villages in Sri Lanka.