Sri Lanka and Singapore have signed a Memorandum of Understanding (MoU) with a view to working together to promote the boating and yachting industries.

The agreement was forged between the Chamber of Marine Industries of Sri Lanka (CMISL) and the Singapore Boating Industry Association (SBIA) on 22 April, the Ministry of Foreign Affairs said in a statement.

Signing of the MoU was done by Indhra Kaushal Rajapaksa, Chairman of CMISL and Vice President of Sri Lanka Singapore Business Council and Y.P. Loke, Chairman of the Singapore Boating Industry Association, in the presence of Senarath Dissanayake, Sri Lankan High Commissioner to Singapore; Arthur Tay, Chairman of One 15 Marina; Darren Vaux, President of International Council of Marine Industry (ICOMIA); and, Yasantha Yaddehi, Minister (Commercial) of the High Commission of Sri Lanka.

The initial negotiations between the two associations were facilitated by the High Commission of Sri Lanka in Singapore.

Both parties agreed that the MoU marks the initial step towards mutually beneficial efforts and cooperation by promoting positive relations and collaboration in the boating sector.

At the signing, the High Commissioner of Sri Lanka in Singapore stated that the collaboration between CMISL and SBIA creates a dynamic and healthy environment that propels growth and prosperity for business on both sides.