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India is to invest USD 2 billion in Sri Lanka in the next three-four years.

The announcement was made by Indian Minister of State for Commerce and Industry Nirmala Sitharaman after discussions with Prime Minister Ranil Wickremesinghe yesterday.

Sitharaman arrived in the island to hold talks on the proposed Economic and Technological Cooperation Agreement (ETCA) and met senior Ministers to discuss the terms of the agreement.

Meanwhile, Minister of Development Strategies and International Trade Malik Samarawickrama said the agreement would be signed soon.

The Minister said that the government was hoping to remove a clause to permit the use of Indian labour under a proposed ECTA agreement.

He however said that Indian labour would continue to arrive in the island through a controlled process.