Sri Lanka-India business networking event forges new collaborations
Ada Derana: Enhancing bilateral relations and leveraging opportunities for investment were among the focus points of a Business Networking event with a multi-sectoral business delegation from India recently hosted by The Ceylon Chamber of Commerce at the Shangri-La Hotel Colombo.
The networking event provided an exclusive opportunity for Members of the Ceylon Chamber to meet with the delegates from India representing several sectors of industry and trade, as well as explore avenues for business opportunities in both India and Sri Lanka.
High Commissioner of India His Excellency Gopal Baglay, Chairman of the Ceylon Chamber Duminda Hulangamuwa, Director General of the Board of Investment Renuka Weerakone, Director of the Vivekananda International Foundation Dr. Arvind Gupta and Leader of the Delegation from the Confederation of Indian Industry (CII) Sunil Uplap, were among the guests at the event.
Drawing attention to the upcoming 75th anniversary of diplomatic relations between India and Sri Lanka, Hulangamuwa highlighted the proposed Economic Partnership between India and Sri Lanka that seeks to accelerate mutual cooperation in various sectors, including tourism, power, trade, higher education, and skill development, thereby contributing towards the positive trajectory of bilateral relations.
Hulangamuwa also expressed gratitude on behalf of the private sector, for the invaluable support provided by the Government of India during the height of the economic crisis in Sri Lanka, which contributed towards business continuity as well as the welfare of the country’s people.
The event served as a platform to foster trade collaboration, supported by the Ceylon Chamber’s mandate to facilitate and support the development of the country’s private sector.
Sri Lanka and India enjoy strong bilateral and trade ties that have been further strengthened by an operational free trade agreement (FTA). India is also one of the key development partners of Sri Lanka with investments and business engagements covering all key economic sectors in the country. Sri Lanka and India have signed many development cooperation agreements in the past few months opening up space for engagements between Sri Lankan and Indian businesses. Given the close ties between the two countries, Indian businesses could confidently explore the growing business/investment opportunities in Sri Lanka and vice versa. Indian businesses thar are operating in Sri Lanka have posted growth and profits, which is an encouraging sign for other Indian businesses. Many large Indian businesses have already entered Sri Lanka through key economic sectors, with many more showing interests in doing business with Sri Lanka. Indian businesses could also look at forming partnerships or joint ventures with local businesses. Also, businesses/investors of other foreign countries interested in doing business with India could look at setting up base in Sri Lanka to engage with India.
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