A Ceylon Chamber of Commerce (CCC) initiative to bolster growing bilateral relations with India was entrenched when India’s Finance Minister P. Chidambaram launched the Indo - Lanka Chamber of Commerce and Industry (ILCCI) yesterday.

As a logical continuation of the existing economic linkages and considering the burgeoning economic relations, the CCC initiated the ILCCI which is the first bilateral chamber of its kind. The objectives of the new Chamber are promotion of trade, tourism and services between Sri Lanka and India, to encourage the establishment of joint ventures in Sri Lanka and in India, to exchange information on trade and investment with the appropriate organisations in India, to conduct joint meetings with Indian business organisations in Sri Lanka and in India, to serve as a recognised representative of business sector interests in Sri Lanka in matters concerning business relationships with India, to co-operate with the Government of Sri Lanka in the pursuit of the above objectives, and to undertake all matters that are incidental or conductive to attaining the above objects.

Minister P. Chidambaram appreciating the India-Sri Lanka FTA which has almost quadrupled in trade, passing US $ 2 billion mark in last year said: "It is a pleasure to be invited for this launch which was on the drawing board for last two years. Our bilateral relationships have taken several steps and we are targeting US $ 3 billion this year. India is the second largest investor in Sri Lanka where Lanka IOC, TATA, Apollo, ICICI Bank can be shown as examples. India is the largest destination for Sri Lanka. Under the FTA, 90 per cent of Sri Lankan exports are made to India and in return 40 per cent exports reach Sri Lanka. India today is the largest source of Sri Lankan imports and the third largest export destination for Sri Lankan products."

According to CCC, membership of the newly launched chamber has already reached a hundred and includes leading Sri Lankan companies like Associated Motorways Ltd., Carsons Cumberbatch and Company Ltd., Asha Agencies Ltd., Abans Ltd., A Baur and Company Ltd., Ceylon Biscuits Ltd., Dankotuwa Porcelain, Ceylon Tobacco Company Ltd., DSI Samson Group Expolanka Ltd., Forbes and Walker Ltd., Hirdaramani (Industries) Ltd., Tokyo Cement Company (Lanka) Ltd. and Unilever Ceylon Ltd.