India reiterates its commitment to people of Sri Lanka
India has yet again reiterated its commitment to the people of Sri Lanka following the violence and resignation of the country’s Prime Minister last week.
In response to media queries on developments in Sri Lanka, the official Spokesperson of the Ministry of External Affairs made the following remarks in New Delhi on 10 May.
“As a close neighbour of Sri Lanka, with historical ties, India is fully supportive of its (Sri Lanka›s) democracy, stability and economic recovery. In keeping with our Neighbourhood First policy, India has extended this year alone support worth over $ 3.5 billion to the people of Sri Lanka for helping them overcome their current difficulties. In addition, the people of India have provided assistance for mitigating the shortages of essential items such as food, medicine etc. India will always be guided by the best interests of the people of Sri Lanka expressed through democratic processes.”
OSL take:
Sri Lanka and India enjoy strong historical bilateral and trade ties that have been further enhanced by an operational free trade agreement (FTA) between the two countries. India is also a key development partner of Sri Lanka and is one of the island’s key business/investment partner. With Sri Lanka’s economy getting back on the growth path with its ongoing development programme looking at placing the country as an emerging business destination in the South Asian region supported by the country’s geographical positioning in the Indian Ocean as well, Indian businesses/investors could confidently explore the growing opportunities in Sri Lanka. Indian businesses could also look at forming partnerships and joint ventures with local businesses. Meanwhile, given the preferential treatment received by Sri Lanka with regard to India, businesses/investors from other countries could look at setting up base in Sri Lanka to engage with India.
| Article Code : | VBS/AT/25052022/Z_1 |