Opportunity Sri Lanka | » Sri Lanka and India explore trading in national currencies
Sri Lanka and India explore trading in national currencies

Sri Lanka and India explore trading in national currencies

WION: India and Sri Lanka are currently working to trade in national currencies, stated Sri Lanka’s State Minister of Foreign Affairs Tharaka Balasuriya.
Speaking to a diplomatic correspondent Sidhant Sibal, he said: “I think it’s a brilliant proposal, and it will also be quite feasible for the Indian tourists to make their payments in Indian rupees while in Sri Lanka,”
Balasuriya (attending for the BIMSTEC grouping’s foreign minister retreat at Delhi) termed the India Sri Lanka ties being at “all time high”, and pointed out India’s economic support during Sri Lanka’s financial crisis has paved way for a quick financial recovery.”
At BIMSTEC, he backed efforts to improve connectivity and focus on the Free Trade Agreement (FTA) projects among the 7 member BIMSTEC grouping.
Moreover, Balasuriya stated a cluster of facts such as the expansion of the sea bed issue, the Katchatheevu island issue and so on.

OSL take:
Sri Lanka and India enjoy strong bilateral and trade ties that have been further strengthened by an operational free trade agreement (FTA). India is one of Sri Lanka’s key development partners and many Indian businesses also operate in Sri Lanka. With the increasing trade, investment and tourism ties between Sri Lanka and India, trading in national currencies would further boost transactions between the two countries while also opening up new business/investment opportunities for Indians in Sri Lanka and vice versa. Given that Sri Lanka is looking at further strengthening ties through the proposed ETCA agreement while also expanding trade ties with other countries, Sri Lanka presents the best destination for foreign businesses/investors to set up base to expand operations. 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. Indian businesses could also look at confidently exploring business/investment opportunities in Sri Lanka given the many success stories of Indian businesses operating in Sri Lanka.

Share this:

    For More Info and Help






    Leave a Comment