Colombo highlights the potential of exports to EU
Sri Lanka is seeking Indian investments in value-added products in sectors such as IT, automotive components, pharma and engineering with potential for exports to the European Union.
“Sri Lanka acts as a gateway not only to the Indian sub-continent, but also to affluent consumers in the European Union. This will clearly open new opportunities for Indian investors who can operate from Sri Lanka on a preferential basis, and access the large market of India, as well as the EU,” stressed Ravinatha Aryasinha, Secretary, Ministry of Foreign Relations, Sri Lanka.
“India is strong in sectors like textiles, IT, #agribusiness and the private sector of our two countries can explore collaboration related to investment, technology transfer in these sectors,” said Ravinatha Aryasinha, Secretary, Ministry of Foreign Relations, Sri Lanka.
“In the manufacturing sector, we would welcome Indian businesses in developing industrial zones, #automotive components, #pharma, #textiles and engineering, which are areas that could offer huge potential,” he pointed out.
The Secretary also highlighted Sri Lanka’s enormous potential as a tourist destination, and pointed out that Indians are approximately 20% of tourist arrivals in Sri Lanka.
“Investment opportunities could be considerable in this (tourism) sector as well, following in the footsteps of the Taj and ITC groups’ profitable investment in the hospitality sector, which has also contributed to boosting the quality of Sri Lankan tourism.”
Emphasizing on the policy reforms undertaken by the Colombo government, Aryasinha shared, “We are taking a number of measures to strengthen the investment climate and investment laws are being reviewed to suit the modern-day requirement.
“All efforts of our government are to create an economy firmly based on foreign and domestic private investments, driven by a dynamic and forward-looking private sector.”
Elaborating on the bilateral trade between the two countries, he said, “India accounts for 20% of total Sri Lankan imports and is the third-largest export destination for Sri Lanka.”
Aryasinha also urged FICCI to collaborate with the Sri Lankan Mission in New Delhi to particularly help boost the export of Sri Lankan spices and concentrates including pepper to the Indian market.
The Indian High Commissioner to Sri Lanka Gopal Baglay pointed out, “As India moves towards Atmanirbhar Bharat (self-reliance), its integration with global supply and value chains will be an added opportunity for our close partners like Sri Lanka. This will build more long-term ties with our commercial entities and enhance capacities, promote employment and increase prosperity.”
FICCI President Dr Sangita Reddy sees collaborations between the two countries’ healthcare and pharma sectors. Other focus sectors like tourism and hospitality have been strong areas of mutual interest.
She urged both governments to revive the India-Sri Lanka CEO forum to explore opportunities in business and investment.
There are new sectors which are yet to be tapped and that Indian and Sri Lankan companies should form alliances to tap them, according to Manoj Chugh, Chair, South Asia Regional Council, FICCI and President, Group Public Affairs & Member of the Group Executive Board, Mahindra & Mahindra Ltd.
Nitin Seth, Chief Operating Officer, #AshokLeyland; Ashok Anantharaman, Co-Chair, South Asia Regional Council, #FICCI and Director – International Business CNH Industrial (India) Pvt. Ltd.; Prasanjith Wijayatilake, Executive Director, Investment Promotion, Board of Investment of Sri Lanka; Dr Prasad Jayasuriya, Director, Tourism Planning, Development and Investor Relations, Sri Lanka Tourism Development Authority and Dr Lakshitha Pahalagedara, Head of Business Development, Sri Lanka Institute of Nanotechnology also shared their perspective on strengthening India-Sri Lanka economic relationship.
Suganthini Kadirgamar, Board Member of the Lakshman Kadirgamar Institute, P. Amza, Additional Secretary Economic Affairs and Aruni Ranaraja, Director General, South Asia and SAARC Division of the Ministry of Foreign Relations also participated in the session held by FICCI on 21 July 2020. #SAARC #SirLanka #exports #imports #EU /fiinews.com
