Indian CEOs to boost trade and investment via ‘Shine Sri Lanka’ initiative

• Prime Minister Dinesh Gunawardena calls for Indian investment in new areas

Prime Minister Dinesh Gunawardena on Thursday highlighted the need for further growth in bilateral trade and investments in new areas.

This suggestion was shared by the Premier when a delegation from the Indian CEO Forum-Sri Lanka (ICF) paid a courtesy call.

Premier Gunawardena commended Indian companies for their significant contributions to the Sri Lankan economy, including substantial investments, export earnings, job creation, and contributions to the Treasury through direct and indirect taxes. He also called for the introduction of Indian technology.

The Prime Minister also briefed the Indian CEOs about the steps taken by the Government to overcome the unprecedented economic crisis.

The IFC team, led by its President T.S. Prakash, noted that the member companies represent diverse industries, including automobiles, banking, cement, FMCG, fuel, glass, hospitality, infrastructure, logistics, packaging, paint, and pharmaceuticals.

Referring to the Prime Minister’s proposal to venture into new areas, he said the ICF has launched the ‘Shine Lanka’ platform to promote trade and investment as well as tourism, which has huge potential going forward.

Prakash also pointed out that Indian companies make a significant contribution to the economy by providing gainful employment to thousands, providing best-in-class management and technical skills, and contributing substantially to Sri Lanka’s foreign exchange earnings despite the current economic challenges.

He said the objective of ICF is to promote economic growth in Sri Lanka through Indian investment, safeguard and strengthen existing economic co-operation, foster new economic ties between the two countries and provide an open forum for business leaders of Indian-origin employed by Indian multinationals and Sri Lankan business organisations in Sri Lanka.

Airtel Lanka Managing Director and CEO Ashish Chandra said his company has access to over 65% of Indian households through mobile telephones and Sri Lanka could promote tourism in the vast Indian market using IT.

The Indian CEOs expressed their admiration for the initial successes made by Sri Lanka in its plans to recover from the economic crisis, whilst emphasising the need to sustain the efforts.

They also called for the relaxation of certain outdated regulations to enhance the growth of trade and attract investments.

The delegation included IFC Past President Umesh Gautam (Lanka Ashok Leyland PLC), Vice President Kishore Reddy (Platinum Realty), Manoj Gupta (Lanka IOC), Ashish Chandra (Airtel Lanka), Harikrishnan Sundaram (Colombo West International Terminal), Girish Manjeswar (UltraTech Cement) and Anurag Sharma (Reckitt). Secretary to the Prime Minister Anura Dissanayake also attended the meeting.