Business

Formation of Tamil Nadu-Sri Lanka Powerloom FederationMooted

Sri Lankan diplomat asks investors to explore opportunities in Eravur fabric processing park of Batticaloa An idea of forming a body — Tamil Nadu-Sri Lanka Powerloom Federation — was mooted by Deputy High Commissioner D. Venkateshwaran recently to bolster the fabric industry in both countries. Making this suggestion at an event organised by the Sri Lanka Deputy High Commission and Tamil Nadu Powerlooms Federation in Chennai, Venkateshwaran told the gathering that “tremendous trade and investment opportunities” were available in Sri Lanka which would be mutually beneficial to the countries, given the fact that “India is Sri Lanka's closest neighbour and second largest trading partner.” He also explained various benefits available to investors under different pacts and measures of the Board of Investment, Sri Lanka. The diplomat invited participants of the event to visit Sri Lanka to explore the investment opportunities in the Eravur fabric processing park of Batticaloa in the Eastern Province. Emphasising the importance of doing business in the neighbouring country, M.S. Mathivanan, President of the federation, called for the establishment of a textile and management institution in Sri Lanka to provide technical know-how and knowledge about the contemporary textile industry.