Vietnam, Sri Lanka foster economic cooperation

The Vietnam Institute of Indian and Southwest Asian Studies at the Vietnam Academy of Social Sciences (VASS) held a virtual workshop entitled “50 years of Vietnam-Sri Lanka Diplomatic Ties: Achievements and Prospects” on September 22.

VASS Vice President Professor Dang Nguyen Anh said that celebrations of the 50th anniversary is a chance for both sides to look back at achievements and strive for closer cooperation.

He suggested expanding trade and investment activities and setting specific targets for two-way trade and the timeframe for achieving these targets, while boosting the trade balance by increasing Sri Lanka’s imports from Vietnam.

The two sides should encourage Sri Lankan businesses, including small and medium-sized enterprises (SMEs), to invest in infrastructure, high technology, and renewable technology in Vietnam, while focusing on technological transfer and developing supporting industries to create opportunities for their enterprises to participate in global production and supply chains, he added.

Jayanath Colombage, Secretary of the Sri Lankan Ministry of Foreign Affairs, stressed that Sri Lanka and Vietnam should be a “guiding light” for each other.

The time-honoured relationship will contribute to spotlighting the two countries’ roles in the region as well as on the international arena.

Sri Lanka will act as a bridge for Vietnam’s cooperation with important partners in the Indian Ocean, Colombage said, adding that bilateral relations will help Sri Lanka connect with countries in Southeast Asia.

Delegates also discussed plans to boost trade and investment cooperation.

Source: Vietnam News Agency