India assures fullest cooperation to boost investment and tourism sectors in Sri Lanka
The Government of India has reportedly extended its fullest cooperation to boost Sri Lanka’s investment and tourism sectors.
Accordingly, Indian High Commissioner in Sri Lanka Gopal Bagley has assured that the necessary financial, technical and other support will be provided to the investment and tourism sectors.
The Indian envoy has reportedly given this assurance during a meeting with Sri Lanka’s Industry, Export, Investment Promotion, Tourism and Aviation Minister Prasanna Ranatunga recently.
The Indian High Commissioner has commended the leadership of Sri Lanka’s President Gotabhaya Rajapaksa and the efforts taken by the government of Sri Lanka to contain the spread of COVID-19 in Sri Lanka.
The High Commissioner has noted that Indian businessmen were willing to invest in the areas of food security, pharmaceuticals, agricultural products, and oil refining. He also agreed to implement a joint investment program between the two countries post-pandemic.
The Government of India has provided a grant of Rs. 250 million to construct a business centre to empower new entrepreneurs in Sri Lanka’s Northern Province and the two sides have exchanged views regarding the proposed centre to be set up in the Jaffna Cultural Centre.
According to Minister Ranatunga, the work on the project would be completed soon.
The Indian High Commissioner has said that Indians would like to have their wedding receptions in Sri Lanka and that just as much as Sri Lankans like to visit India, particularly to visit Buddhist places of worship, Indians wish to visit Sri Lanka to visit places related to Ramayana.
The two parties have also discussed the development activities of the Palali Airport in Sri Lanka’s Jaffna peninsula. India has allocated Rs. 300 million for the development of the Palali Airport.
The Indian High Commissioner and Minister Ranatunga have agreed to expedite the signing of the relevant agreements.
OSL take:
Ties between Sri Lanka and India have been further strengthened during the Covid 19 global pandemic. India and Sri Lanka share close bilateral, economic and trade ties. Given the new normal after the Covid 19 pandemic, it is evident that Sri Lanka and India would see the further strengthening of economic and trade relations. Sri Lanka and India already enjoy a working free trade agreement (FTA), which will likely kick into full force in the near future. Sri Lanka also enjoys preferential status when engaging in business ventures in India and vice versa. Therefore Indian businesses/investors could explore business/investment opportunities in Sri Lanka and vice versa. Also, foreign businesses/investors looking at doing business with India could explore the possibility of setting up base in the island to engage with India.
| Article Code : | VBS/AT/20200616/Z_2 |