Prime Minister Dinesh Gunawardena has proposed to set up a Joint Economic Council with the United Arab Emirates (UAE) to promote trade and investment cooperation between the two countries.

This proposal was made when UAE Minister of State of Economic & Trade Affairs of the Foreign Ministry Ahmed bin Ali Sayegh called on him at the Temple Trees in Colombo on Wednesday (Oct. 11).

The UAE Minister agreed that official negotiations should commence without delay to finalize the Cooperation of Economic Partnership Agreement for enhancing economic ties as there is immense potential in trade, energy, hospitality and tourism spheres as well as for increasing investments in renewable energy projects in Sri Lanka.

The Prime Minister said the UAE now has the opportunity to invest in new sectors such as agriculture as new economic zones have been set up for the growth of food crops for exports.

He expressed gratitude for the support and assistance the UAE has provided to Sri Lanka for developmental activities and for providing employment to nearly 300,000 Sri Lankan workers and the UAE Minister said the expatriate Sri Lankan workers are an asset for the economies of both countries.

The UAE delegation included Ambassador Khalid Naser Al-Ameri, Director of the Office of the Minister of State, Sultan Al Mansoori and Deputy Director of the Department of Economic and Commercial Affairs, Ghada Al Nabulsi.

MP Yadamini Gunawardena, Secretary, Ministry of Public Administration Ranjith Ashoka and Additional Secretary to the Prime Minister Harsha Wijewardene were also present during the meeting.