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COSMI signs MoU with Asian African Chamber of Commerce & Industry

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In a bid to promote the Sri Lankan micro industries sector in Asia and Africa, Confederation of Micro, Small and Medium Industries (COSMI) signed a MoU with Asian African Chamber of Commerce & Industry, (AACCI) in Colombo yesterday.

Director-General, and Founder AACCI, GD Singh said that today the African region is moving towards being a mega economic power house with an emerging population of high and middle class of people who have ‘big’ buying power. “We want to link them with Sri Lankan manufactures and try to find them a new market.”

He said that they hope to bring investors from India to form JV’s for paint and motor component manufacturers for Joint ventures for North east and also pharma manufacturers from India to the South.

He said that they hope to bring a business delegation from India, Bangladesh to Sri Lanka this year to pursue these areas. The India Glory Book of Records awarded an exclusive honor to AACCI for becoming in the category “Fastest Growing Global Chambers Ranking.However when we started five years ago there was a lot of opposition from Indian Chambers for us. “However we proved them wrong and played the matchmaker role in taking Indian companies especially in the pharmaceutical sector to African countries and growing their business.”

Founder of President of MSME, Nawaz Rajabdeen, said that the local MME’s suffered a huge blow during the economic crisis and subsequently during the economic crisis. “The MoU with AACCI gives them an opportunity to enter in JV’s and also find a new market for them in the African countries. (SS)

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