India and Sri Lanka have signed a Memorandum of Understanding (MOU) for mutual cooperation to boost footwear and leather trade between the two countries in view of their closest linkage on all fronts.
At the recently concluded 4th International Footwear and Leather Fair 2012 at the BMICH in Colombo, Indian Footwear Components Manufacturers Association (IFCOMA) & Footwear Advisory Council (FAC), under Ministry of Industry & Commerce, Sri Lanka entered into a MOU when Pradeep Aggarwal, General Secretary, IFCOMA and Ranjith Hettiarachchy, Chairman, Sri Lanka Footwear Council, signed MOU in the presence of Ashok K. Kantha, the Indian High Commissioner.
In 2011, the bilateral trade crossed US $ 4.85 billion which was about 16% of Sri Lanka’s global trade. Both are confident that trade between the two nations is expected to reach INR 100 mn by 2016-17.
