Sri Lanka, India sign MoU on cooperation in footwear industry

Feb 12, Colombo: Sri Lanka and India have signed a Memorandum of Understanding (Mou) for cooperation in footwear industry during the 4th International Footwear and Leather Fair 2012 at the BMICH in Colombo from February 10 to 12, 2012.

In the presence of India’s High Commissioner in Colombo Ashok K. Kantha, General Secretary of the Indian Footwear Components Manufacturers Association (IFCOMA)Pradeep Aggarwal and , Chairman, Sri Lanka Footwear Council Ranjith Hettiarachchi signed the MoU for cooperation between the two bodies.

“The MoU inter alia, provides for exchange of information; sharing of newsletters to update each other on various developments taking place in their respective countries; providing website linkages; encouraging strategic alliances and exploring possibilities to develop business linkages; development and improvement in quality and competitive standards with respect to various products; and exchange of business delegations,” a High Commission statement said.

Representing India and showcasing their products, 25 exhibitors from IFCOMA are participating in the 4th Footwear and Leather Fair being organized by the Sri Lanka Export Development Board.

The High Commissioner has visited the IFCOMA pavilion at the Fair on Friday (10).

India’s is the largest foreign participation in the fair and the special IFCOMA pavilion showcased various components and products used in manufacture of shoes and footwear.

IFCOMA has been a partner of Sri Lanka’s footwear industry for a decade now and they have been conducting regular buyer-seller meets in Sri Lanka.

In Sri Lanka, IFCOMA has organized four buyer seller meet in the years 2003, 2009, 2010 and 2011. They also participated in the Sri Lanka Footwear and Leather Fair organized in 2007.

Their objective is to create direct country-to-country industry linkages, especially component manufacturers in India and footwear and leather manufacturers in Sri Lanka.

They have been quite successful in this endeavour, as seen from the substantial increase in trade between the two countries in this sector, the High Commission said.

Trade and investment cooperation between Sri Lanka and India has been improving consistently. In 2011, the bilateral trade crossed US$ 4.85 billion which was about 16% of Sri Lanka’s global trade.

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