The Ceylon Chamber of Commerce and the Southern Gujarat Chamber of Commerce & Industry (SGCCI), Surat, have renewed their Memorandum of Understanding (MoU), seeking to expand trade, investment and commercial partnerships between Sri Lankan and Gujarat-based businesses.

The renewed agreement was signed by Krishan Balendra, Chairperson of the Ceylon Chamber of Commerce, and Ashok Jirawala, President of SGCCI, during a visit to Colombo by a business delegation from the Indian chamber.

The agreement is expected to provide a framework for the two chambers to facilitate business-to-business connections, exchange market and industry information, and support companies seeking opportunities in each other's markets.

The MoU renewal was followed by a business networking session between the visiting delegation and Sri Lankan companies, with discussions covering a range of sectors including textiles and apparel, textile materials, garment accessories, manufacturing and industrial products, gems and jewellery, waste management and waste-to-energy, information technology, spices and processed food.

Textiles and apparel emerged as an area of potential collaboration, with Gujarat-based suppliers exploring opportunities to connect with Sri Lanka's established apparel manufacturing sector. Manufacturers of garment accessories and industrial products also held discussions on potential supply and distribution partnerships.

The gems and jewellery sector was another area of interest, with members of the Indian delegation exploring opportunities to source Sri Lankan sapphires and other gemstones and establish links with local jewellery manufacturers, industry associations and women entrepreneurs.

Discussions also extended beyond conventional trade to investment and technology-related opportunities. These included waste-to-energy solutions and digital technologies, while participants examined possibilities for increasing two-way trade in spices and processed food products.

The engagement comes as businesses in both markets seek to diversify supply chains, identify new markets and establish commercial and investment partnerships.

Gujarat, one of India's major manufacturing and trading hubs, offers Sri Lankan companies potential access to suppliers, technologies, markets and investment partners, while the renewed chamber-to-chamber relationship could provide Gujarat-based companies with opportunities to expand their engagement with Sri Lanka.

The two chambers are expected to continue facilitating business connections and information exchange as companies from both markets explore specific trade and investment opportunities arising from the renewed partnership.