The extension of US$ 300 million credit line to Sri Lanka by Russian Federation to purchase multipurpose equipment including military/security hardware is an indication that Russia is looking at Sri Lanka’s economic future positively, Foreign Affairs Minister Rohitha Bogollagama said.

“This line of credit will help new technology transfer to the country, improvement of satellite technology and purchase of defence procurement for the country’s long-term and sustainable development,” Minister Bogollagama said at a media conference on the outcome of the visit to the Russian Federation by President Mahinda Rajapaksa this week.

He said President Rajapaksa’s three day visit created remarkable achievements. This was enabled to promote bilateral and multilateral trade agreements between two countries. Therefore, Russia has also pledged to provide many trade relief and facilities for Sir Lanka to build our economy, he said.

This visit also help to get assistance for local oil and gas exploration activities in the sea of Mannar basin by Gazprom, which is one of the largest oil and gas manufacturing companies in the world. Further, strengthening trade ties between two countries was one of the important areas that was discussed by President Rajapaksa and the delegation with Russian President Dimitry Medvedev during the visit, he said.

This visit also enabled increased tea exports and promotion of Russian tourists into Sri Lanka as well, he said.
Courtesy: DailyNews


Posted on Wednesday, February 10, 2010 @ 12:05:15 LKT by SaNDun

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