Indo-Lanka Chamber hosts discussion on Sri Lanka’s industry and trade ties with India
Daily FT: The Indo-Lanka Chamber of Commerce and Industry (ILCCI) of The Ceylon Chamber of Commerce hosted a discussion with Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, on Sri Lanka’s industrial growth plan and Indo-Sri Lanka trade and economic cooperation. The event brought together key stakeholders to explore the Government’s economic vision and growth strategies.
ILCCI President M. Raghuraman, welcomed Deputy Minister Chathuranga Abeysinghe and reaffirmed ILCCI’s commitment to strengthening bilateral trade, investment, and business collaborations between India and Sri Lanka.
Deputy Minister Abeysinghe outlined the Government’s priorities under the new Budget, including investments in infrastructure, energy, and digitalisation, with a priority focus on customs and tax administration. He also emphasised the need for stronger border controls, policy reforms, and industry-specific growth plans to enhance competitiveness.
The wide array of sectors discussed included IT, tourism, marine industries, vehicle parts manufacturing, agriculture and more. The Deputy Minister highlighted Sri Lanka’s potential as an IT hub and the importance of export growth and investment-friendly policies. He also reaffirmed the Government’s commitment to removing bureaucratic bottlenecks and encouraged private sector collaboration to drive industrial growth. A key request was for the sectors to bring in their suggestions and plans for improvements as a cluster to ensure overall alignment in changes for progress. The session concluded with a dynamic Q&A, where industry representatives shared insights and recommendations. Discussions also covered key areas such as skills training, access to financing, education, and Free Trade Agreements (FTAs), highlighting their importance in driving economic growth and industry development.
OSL take:
Sri Lanka and India enjoy strong trade ties that have been further expanded by an operational free trade agreement (FTA). Trade ties between the two countries could receive a further impetus when the proposed ETCA is finalized. The strong business and trade ties between Sri Lanka and India are further evident by the many Indian businesses that are already operating in Sri Lanka recording growth and profits. It is in such a backdrop that the Indo-Lanka Business Chamber is looking at further strengthening business and trade ties between the two countries. Given the positive trends in Sri Lanka and the preferential treatment enjoyed in Sri Lanka, Indian businesses/investors could explore the expanding business/investment opportunities in their neighboring country. Other foreign businesses/investors could also look at setting up bases in Sri Lanka to engage with India using the strong trade ties Sri Lanka enjoys with India.
| Article Code : | VBS/AT/20250402/Z_4 |