OREANDA-NEWS. July 01, 2010. President of Ukraine Viktor Yanukovych and President of the Democratic Socialist Republic of Sri Lanka Mahinda Rajapaksa have chaired the Ukrainian-Sri Lankan expanded talks.

"Ukraine attaches great importance to the development of bilateral trade and economic relations with Sri Lanka. I think that the current level of trade and economic cooperation between our countries does not fully correspond with real potential of the two countries," said Ukrainian President opening the talks.

Viktor Yanukovych noted that at the bilateral meeting with his Sri Lankan counterpart, the parties have reached consensus on the need to most effectively implement our capabilities by expanding commodity nomenclature, gradual liberalization of trade regulations, mutual promotion of investments, creation of joint enterprises and establishing direct contacts between the business communities of both countries.

"In order to coordinate work of various ministries and agencies in this direction we need to create a joint Ukrainian-Sri Lankan commission on trade and economic cooperation," said Viktor Yanukovych. He offered to instruct relevant authorities to establish the abovementioned commission as soon as possible.

"Ukraine is ready to focus on implementing large-scale economic projects in Sri Lanka, particularly in reconstruction of economic and industrial infrastructure of the country," said the President.

The Head of State, in particular, noted that Ukraine has sufficient experience, potential and capabilities to build roads, bridges, tunnels, industrial facilities, irrigation and water supply systems, energy facilities, various industrial mining enterprises in Sri Lanka.

"We are also ready to increase supplies of Ukrainian agricultural, engineering and ship building, chemical and food products as well as building materials, steel, trucks, etc. to Sri Lanka," added the Head of State.

Given the considerable interest of Ukrainian and Sri Lankan enterprises and companies in the intensification of cooperation with their business partners, the President spoke in favor of establishing the Ukrainian-Sri Lankan Business Council under the auspices of the two countries’ Chambers of Commerce and Industry.

"One of the priorities of Ukrainian-Sri Lankan economic cooperation can be establishing mutually beneficial contacts in the energy sector," noted the President.

According to the President, Ukrainian enterprises and companies are willing, in particular, to actively participate in exploration and development of the blocks of "Mannar" oil field, construction of thermal and hydroelectric power plants, supplying power equipment, including the one in alternative energy sector (particularly solar batteries) to Sri Lanka.

In this context, the President suggested to instruct the leadership of ministries and departments responsible for energy sector, to prepare for holding bilateral talks at the expert level in order to identify specific areas and projects that can be jointly implemented in energy sector.

According to the Head of State, fishing can become a separate area of fruitful partnership. "In particular, the Ukrainian side is ready to implement projects in fishing in the economic zone of Sri Lanka, and supply Sri Lankan fleet with trawlers and refrigerators," he said.

Given the enormous tourism potential of Ukraine and Sri Lanka, the President noted the importance of strengthening bilateral cooperation in that area. In particular, Viktor Yanukovych said that Ukrainian companies are willing to participate in the implementation of mutually beneficial projects to develop tourism infrastructure in Sri Lanka.

"In this regard, I suggest instructing chairmen of the ministries dealing with tourism to exchange visits in the nearest future in order to identify specific projects and directions of cooperation in this area," said Viktor Yanukovych.

"I am convinced that appropriate legal framework will facilitate dynamic development of the contacts in this field," said the Head of State.

Unfortunately, said the President, our delegations didn’t manage to complete intergovernmental agreement on promotion and reciprocal protection of investments to be signed during the official visit of the President of Sri Lanka to Ukraine. "I hope that in the future sides will co-elaborate and sign this document important for the development of economic relations between our countries," said Viktor Yanukovych.

Speaking of military-technical cooperation between our countries, the President said that Ukraine supports the concept of gradual modernization of existing weapons and military equipment of the Sri Lankan Army declared by President Rajapaksa.

"We are interested in continuing and developing cooperation with Sri Lanka to improve its defense potential and capabilities of its Armed Forces," Viktor Yanukovych said.

In this regard, he suggested instructing relevant authorities of our countries to hold consultations soon in order to elaborate specific issues in this direction.

"I am confident that development of contacts between special equipment exporters of our countries will be realized in specific mutually beneficial projects," said the President.

We believe that now the conditions are favorable for effective development of military cooperation with Sri Lanka, said President Yanukovych adding that Ukraine has a powerful military-industrial complex.

The President added that a significant number of weapons available in Ukraine meets modern requirements. Their proven reliability and efficiency were tested over the previous years of operation not only in the Armed Forces of Ukraine, but also in other countries that we support and develop military-technical cooperation with.

"The Ukrainian side is ready to discuss specific proposals for cooperation in this sector on mutually beneficial conditions taking into account our international commitments," emphasized the President.

"I hope that the results of the Ukrainian-Sri Lankan negotiations and signing important intergovernmental agreements in Kyiv will significantly expand cooperation between our countries in military-technical sector," summed up Viktor Yanukovych.

"I suggest instructing profile agencies conducting bilateral expert consultations to identify joint projects and coordinate mechanism for their implementation on a mutually beneficial basis," he said.

The President separately noted the interest of the Ukrainian side in active development of cultural and humanitarian cooperation between the two countries.

"There is an interest in Ukraine in culture, traditions and history of the Sri Lankan people. On the other hand we are ready to share cultural heritage, traditions and history of Ukrainians with the Sri Lankan people," he said.

In this connection Viktor Yanukovych suggested instructing our profile departments to organize the Days of Ukrainian Culture in Sri Lanka in 2011-2012 and the Days of Sri Lankan Culture in Ukraine respectively.

Ukraine is also interested in developing cooperation with Sri Lanka in education, said the President. According to him, the Ukrainian side is ready to offer a wide range of professions to train specialists needed in Sri Lanka.

"I am convinced that signing bilateral agreements on cooperation in education will contribute to the dynamic development of equal and mutually beneficial relations between Ukraine and Sri Lanka in this area. I suggest instructing profile agencies to study this issue and make appropriate proposals," he said.

Speaking of cooperation within the framework of the United Nations, President Yanukovych reminded that Ukraine had nominated itself to a non-permanent membership in the UN Security Council in 2016-2017. The elections will be held during the 70th Session of the UN General Assembly in October, 2015 in New York.

"In this regard we would be grateful if Sri Lanka supported Ukraine's candidacy for a non-permanent member of the UN Security Council," said President Yanukovych.