JKRSOTHY: Ukraine establishes Intergovernmental Commission on Trade and Economic Cooperation with Sri Lanka [UPDATE]

Sri Lanka and Ukraine today established a joint Intergovernmental Commission on Trade and Economic Cooperation and a Business Council to open new opportunities to develop active cooperation of the two countries in various fields including oil exploration and hydroelectric power production in Sri Lanka.

Ukrainian President Viktor Yanukovych addressing a press conference following a discussion with visiting Sri Lankan President Mahinda Rajapaksa said the two countries agreed to set up the joint commission to work on practical issues at the international level in various sectors including engineering, agriculture, energy, transportation, communications, and military-technical cooperation.

"The establishment of the Business Council at the level of Commerce and Industry Chambers of Ukraine and Sri Lanka will contribute to promotion of entrepreneurship and ensure favorable investment climate," President Yanukovych said.
The Ukrainian leader said the military-technical corporation would involve cooperation in the aircraft repairing, establishing training bases, and training, etc.
Sri Lanka has made millions of dollars worth military purchases from Ukraine including several MiG-27 fighter jets and Ukrainian pilots have flown the Sri Lanka Air Force jets during the war with the Tamil Tiger rebels.
The Ukrainian government has also expressed interest in the hydroelectric power production and oil exploration in Sri Lanka.
President Yanukovych has said that his government is interested in building hydroelectric power stations as they have the skills in that field and exploration and development of oil fields in Sri Lanka's northwestern seas. The discussions on these topics have been held with President Rajapaksa, Yanukovych has added.
"We have a great prospect to significantly expand our trade and economic relations. In addition, we can plan our support in international organizations. We have already agreed to support one another to protect our interests," he said.
The two leaders spoke in favor of improving cooperation between Ukraine and Sri Lanka in the framework of the United Nations and in other multilateral forums, a joint press statement said.
Both leaders have agreed to maintain regular bilateral contacts at the highest political level, as well as between foreign ministries and other government bodies.
"We have made an important step in development of bilateral relations between Ukraine and Sri Lanka in the future," the Ukrainian President has said.