India seeks greater collaboration in construction industry showcasing opportunities for Sri Lanka
India has called for greater collaboration in the construction industry highlighting that a growth of US$ 1 trillion is expected in its market by 2025.
These sentiments were expressed by High Commissioner of India in Sri Lanka Taranjit Singh at the inauguration of the 8th Sri Lanka Buildcon International Expo and 7th Wood International Expo 2019 held in Colombo recently.
Sri Lanka’s Minister of Megapolis and Western Development, Patali Champika Ranawaka while appreciating the role of the construction sector towards the economy has reportedly said such exhibitions facilitate greater international collaboration at the industry and people level.
“The presence of the number of Sri Lankan companies in the Indian market is commendable,” Singh has been quoted as saying.
However, he has noted that while the demand for new infrastructure should be met quickly and smoothly, there was also a need for demand to be studied first and to be catered to, in environment-friendly ways.
“The large participation of Indian companies in the recent Exhibitions is a reflection of the trust that Indian companies place in the Sri Lankan economy and its people.”
The High Commissioner has observed that Indian Prime Minister Narendra Modi’s solidarity visit to Sri Lanka sent an important message to the Indian tourists and Industry who are back in big numbers driving all the supply chains in the Sri Lankan economy.
He has further noted that in the last two months Indian tourist arrivals in Sri Lanka were at its highest, more than double the number of tourists from the second highest source market.
More than 70 Indian companies with a focus on varied products and services related to Engineering, Procurement and Construction (EPC), Commercial and Residential Building Construction, Government and Civil Infrastructure are participating in the exhibition which is supported by Confederation of Indian Industry (CII) and Ministry of Commerce and Industry, Government of India.
OSL take:
Sri Lanka and India boast of strong bilateral and trade ties that have been further strengthened by the free trade agreement (FTA). Sri Lankan businesses are therefore given preferential treatment when engaging in business ventures in India. Local companies could use this benefit to form joint ventures/partnerships with Indian businesses. Foreign businesses/investors looking at doing business with India could explore the possibility of setting up base in Sri Lanka to reach out to the Indian market.
| Article Code : | VBS/AT/09092019/Z_2 |