Lanka India Business Association launched in Sri Lanka
Daily FT: The economic winds are blowing eastward. And after decades of the West being the engine of the global economy, it is now the turn of the East to be the growth engine.
India is now poised to be the growth engine of the world, and South Asia has a unique opportunity to reap the rewards of this shift in the economic epicentre from the West to its own backyard.
India and Sri Lanka have engaged in mutually beneficial economic relationships for millennia. And even today, many Indian goods moving eastward utilise the state-of-the-art port facilities in Colombo.
With India poised to become the second largest economy in the world by 2075 (FT report) and becoming the fastest growing economy in the world, the time is right to foster even closer mutually beneficial business ties between India and Sri Lanka.
The Lanka India Business Association (LIBA) is now in operation in Sri Lanka to further enhance the already close ties between Indian and Sri Lankan businesses.
LIBA President Santosh Menon said: “Sri Lanka has forever been a global trading powerhouse. Its high-quality cinnamon, pepper, and, more recently ‘Ceylon Tea,’ has been sought after commodities around the world. Its high-quality skill at garment making makes it a chosen supplier for some of the world’s most fastidious brands. The time has come to now engage more actively with the Indian market and find the right ways to exploit it. We formed the LIBA to foster and facilitate closer and more meaningful links between Indian and Sri Lankan businesses.”
Indian High Commissioner Santosh Jha said: “India and Sri Lanka have long-standing civilizational links, with the economic and commercial relationship naturally being an integral part of it. I look forward to the LIBA further strengthening and fostering closer ties among the business community from both countries. I welcome this initiative and wish Santosh Menon, President of LIBA, and the Founding Members of the Governing Council much success in achieving their goals.”
LIBA Vice President Aroshi Nanayakkara said: “Sri Lanka has a highly skilled workforce with a proven ability of supplying the world’s most premium brands. Our literacy rates, quality of life indicators, and natural hospitality equip us to be exceptional business partners, helping us build long term relationships, bringing benefits not only to the partnering organisations but also to their respective countries. We are keen to provide potential investors with a platform to invest in Sri Lanka and we are confident that the LIBA will be that platform.”
OSL take:
Sri Lanka and India enjoy strong bilateral and trade ties that have been further strengthened by an operational free trade agreement (FTA). These trade ties would further strengthen if the proposed ETCA comes into play. Apart from being a key development partner of Sri Lanka, many Indian businesses have set up operations in Sri Lanka. The growth and profits recorded by the Indian businesses operating in Sri Lanka also indicates the lucrative nature of doing business in Sri Lanka. Given Sri Lanka’s steady growth path, geographical positioning in the Indian Ocean, strong trade ties with many foreign countries, Indian businesses/investors could confidently explore the growing business/investment opportunities in Sri Lanka. Indian businesses could also look at forming partnerships or joint ventures with local businesses with the aim of further expansion locally and internationally. Also, other foreign businesses/investors interested in doing business with India could look at setting up bases in Sri Lanka to engage with India using the preferential treatment enjoyed by Sri Lanka with its neighbour’s.
| Article Code : | VBS/AT/20250327/Z_3 |