ISLAMABAD, Sept 9: Memorandums of understanding (MoUs) between Pakistan and Sri Lanka has been signed at Colombo, which envisage generation of $100 million revenue in Information Technology business, over three years.

According to a press release total of five MoUs were signed by Khurram H. Kalia on behalf of Pakistani IT company Kalsoft, and by the representatives of five Sri Lankan companies.

The signing ceremony was presided over by Sri Lankan Minister for Commerce and Consumer Affairs Ravi Karunanyake who has played a prominent role in boosting Pak-Sri Lanka economic relations.

These MoUs envisage close cooperation between the IT companies of the two countries that would provide back up services to each other. The parties would also do inter-marketing of each other‘s products and would provide personnel, technical expertise, and consultancy support, on a mutual basis.

Moreover, each company would endeavour to outsource their projects to each other. They would also jointly venture in the field of IT enabled services, such as BPO, Contact Centres, Call Centres etc.

Ravi Karunanayake speaking at the occasion termed it a monumental step towards more bilateral trade between the two countries and called it a good gesture just before the historic signing of the Free Trade Agreement later this month when Federal Commerce Minister Abdul Razak Dawood visits Colombo.

He said that Sri Lanka IT professional were very skilled and produce excellent products. He was sanguine that these linkages between IT firms of both companies would also enhance the trade figures of both Saarc countries.

The five Sri Lankan companies that signed the individual MoUs are BAM Information Technology Ltd., Business Micro Solutions Ltd, Debug Computer Software ltd. Excelsoft, and Media Solutions Ltd.

The ceremony was attended by members of the Pakistan delegation, representatives of the IT firms, as well as officials of the Commerce Ministry.