India looking Invest in Sri lanka

India closely come with Sri lanka, Yes few days before Indian Commercial Minister visits with Indian Investor investment opportunities in Sri lanka and also open indian products gate for Sri lanka. 

Many years Sri lanka - India Social and Business relationship takes bold link but now global economic changers many countries starting her business in lanka like china products of computer & parts mostly available other than india.

India plans to boost his business about $ 10 billion US dolars in 2017 this is the double of the trading, mainly focus on infrastructure, tourism and pharmaceuticals. Now Sri lanka run infrastructural activities but this is more coming years.

Positive sing of Foreign in Sri lanka

After the indoor war Sri lanka seeking most foreign investment and also foreign aids, loans last years IMF loan as best achievement for Sri lanka but foreign investment as mostly Challenged. Now India saw green signal of foreign investment.    

Manufacturing Investment Zone.

Indian Commerce, Industry and Textiles Minister Anand Sharma, stated at a press conference that the two countries had agreed to establish a Manufacturing Investment Zone in Trincomalee.

Task Force

Sri lanka - India agree to feasible studies about business agreement. Sharma with his counterparts Economic Minister Basil Rajapaksa, Commerce Minister Rishad Bathiudeen and Senior Minister Sarath Amunugama, the two countries have agreed to set up a Task Force.

Sharma insisted that their component of the Task Force will be finalised by the end of Friday and that they would consider investment opportunities and present them to the Indian Government within 90 days. help fast track the economic relationship between the countries.”

The Secretaries of Commerce of both countries have also been requested to work in closer coordination so as to ensure the faster strengthening of ties between the economies.

Officials of both countries must work together on a road map to improve relationships between the countries. “I have also been made to understand that there are over a billion worth investments is in the pipeline.”

Automobile Industry in Sri lanka

The planned zone would concentrate mainly on engineering and manufacture of auto-parts for India’s thriving automobile industry, concentrating mainly on the hubs in South India.

The Task Force will also have industry representatives from pharmaceutical, construction, engineering, auto manufacturers and skills development sectors in addition to public officials from both Governments.

Pharmaceutical Sector investment - Sri lanka

“We are also interested in investing in the pharmaceutical sector in Sri Lanka and there will be an industry delegation arriving in Sri Lanka within the next 30 days,” Sharma noted, adding that India was focused on diversifying investment to the island nation.

Improve Sri lanka Export

The Indian Government was keen on increasing exports from Sri Lanka and the manufacturing zone together with the pharmaceutical sector would provide this balance.

Sharma is heading a high-powered business delegation to Sri Lanka that includes representatives of 105 companies that are also holding an exhibition in the capital city.

CEPA

Following discussions with Sri Lanka’s Commerce Minister, the two sides have also agreed to recommence negotiations on the Comprehensive Economic Partnership Agreement (CEPA) that has stalled since 2008, to further broaden the current US$ 5 billion worth of trade.

Sharma revealed that CEPA had come up for discussion during his ministerial meetings and that since recommencing negotiations had been agreed to during President Mahinda Rajapaksa’s visit to India in 2010, the Commerce Secretaries of both countries would be sitting down to take the agreement forward.

“There are no issues so complex that Sri Lanka and India cannot solve amicably. The Free Trade Agreement definitely increased trade and CEPA will add to this process. Trade agreements have become a global mantra and I have no doubt that this is the most rewarding step for Sri Lanka.”

Responding to a question on oil exploration, Sharma said that Indian companies had the capacity and resources to compete with other countries and handing out blocks in the Mannar basin was a decision for the Sri Lankan Government to make.

Earlier on addressing the opening of the 3-day India Show Minister Sharma said as of now Sri Lanka is India’s largest trade partner in South Asia and India in turn is Sri Lanka’s largest trade partner globally. India is also among the top five investors to Sri Lanka and is the top source of tourist arrivals here.

“We have recognised Sri Lanka’s potential and the ability of human and natural resources,” Sharma said. Even though the number of Sri Lankan companies opening shop in India has increased over the years, the Minister noted that the country wanted more and more Sri Lankan exporters in India.

There are also new avenues opening up in Sri Lanka from which Indian investors could benefit. “India is committed to support Sri Lanka not just through the Free Trade Agreement but by giving preferential access to India, which is now noted as one of the biggest economies in the world.”

He noted that the Indian companies could play a large role in the country’s infrastructure development projects as there were a large number of internationally acclaimed infrastructure development companies in India.

Sharma also stated that the two countries had common issues to battle. “When it comes to development, wealth creation and redistribution of wealth, both countries are facing the same,” he said. “However, we are very happy that Sri Lanka has been able to overcome a period of war and for giving the people a vision for growth and opportunity. Science and technology, skills and vocational training, and information technology has led India to a global position today. We are confident that in working together particularly in a knowledge hub, both countries will be able to achieve growth and prosperity.”