Sri Lanka’s Indian High Commissioner Taranjit Singh Sandu last week said that he would encourage Sri Lankan business leaders to take advantage of India’s growth story and technological strength in achieving growth and stability. Addressing the Republic Day, he further said that India was keen on strengthening bilateral trade and investment links so that India’s growth is linked to the prosperity of that of its neighbour, Sri Lanka.
While emphasizing that India will move at a pace Sri Lanka is comfortable with, the High Commissioner said that the India- Sri Lanka Trade Agreement has played an important role in securing a ‘special place’ for Sri Lanka in an economic and political sense. Nearly 60% of Sri Lankan exports now take advantage of the concessions under this agreement.
“Investments from both sides are increasing. I look forward to the implementation of numerous projects by Indian companies in Sri Lanka this year, particularly in the energy and infrastructure sectors,” Sandu reiterated. He also said that negotiations were underway to conclude an Economic and Technology Cooperation Agreement to take the FTA to the next level.
The High Commissioner congratulated the national unity government of Sri Lanka on completing two years in office and said that these two years have been remarkable in terms of high level engagement between the two countries.
Meanwhile, Indian media reported that INR 1250 million (Rs.2.8 billion) has been allocated for Sri Lanka in the 2017 budget which was presented in Parliament last week.