Lanka India Business Association launched in Sri Lanka

LIBA Governing Council Founding Members (from left): President Santosh Menon, Vice President Aroshi Nanayakkara, Ashique Ali, Dilshan Rodrigo, Nevindaree Premarathne, Prakash Schaffter, Samanthi Dias, and Sandeep Holey

The economic winds are blowing eastward. And after decades of the West being the engine of the global economy, it is now the turn of the East to be the growth engine.

India is now poised to be the growth engine of the world, and South Asia has a unique opportunity to reap the rewards of this shift in the economic epicentre from the West to its own backyard.

India and Sri Lanka have engaged in mutually beneficial economic relationships for millennia. And even today, many Indian goods moving eastward utilise the state-of-the-art port facilities in Colombo.

With India poised to become the second largest economy in the world by 2075 (FT report) and becoming the fastest growing economy in the world, the time is right to foster even closer mutually beneficial business ties between India and Sri Lanka.

The Lanka India Business Association (LIBA) is now in operation in Sri Lanka to further enhance the already close ties between Indian and Sri Lankan businesses.

LIBA President Santosh Menon said: “Sri Lanka has forever been a global trading powerhouse. Its high-quality cinnamon, pepper, and, more recently ‘Ceylon Tea,’ has been sought after commodities around the world. Its high-quality skill at garment making makes it a chosen supplier for some of the world’s most fastidious brands. The time has come to now engage more actively with the Indian market and find the right ways to exploit it. We formed the LIBA to foster and facilitate closer and more meaningful links between Indian and Sri Lankan businesses.”

Indian High Commissioner Santosh Jha said: “India and Sri Lanka have long-standing civilizational links, with the economic and commercial relationship naturally being an integral part of it. I look forward to the LIBA further strengthening and fostering closer ties among the business community from both countries. I welcome this initiative and wish Santosh Menon, President of LIBA, and the Founding Members of the Governing Council much success in achieving their goals.” 

LIBA Vice President Aroshi Nanayakkara said: “Sri Lanka has a highly skilled workforce with a proven ability of supplying the world’s most premium brands. Our literacy rates, quality of life indicators, and natural hospitality equip us to be exceptional business partners, helping us build long term relationships, bringing benefits not only to the partnering organisations but also to their respective countries. We are keen to provide potential investors with a platform to invest in Sri Lanka and we are confident that the LIBA will be that platform.”

Governing Council Member Prakash Schaffter said: “Our geographical location has been our strength as we are strategically placed in the sea lanes which are a crossroad for trade between the East and the West. And now, with South Asia poised to be the centre stage of trade, we must use our proximity to India to our advantage.”

Governing Council Member Ashique Ali said: “In the areas of digital and start-ups, we are building closer ties with India to benefit from the learnings in the area. Many of our home-grown tech products are of the highest quality and we want to make sure that they will be able to maximise the benefits of being close to India.”

Governing Council Member Nevindaree Premarathne said: “I have a business related to STEM education and I see a big demand in India for this new method of creative teaching. I am happy to provide this high-quality product to the Indian market. As a LIBA Council Member, I will be reaching out and educating others on the opportunities in India.”

Dilshan Rodrigo added: “As a banker, I see the Micro, Small and Medium-sized Enterprise (MSME) sector in Sri Lanka, in which there are people who have strong entrepreneurial skills and want to go beyond their traditional markets to something bigger and better. We will try to provide them with the opportunity through the LIBA.”

Samanthi Dias stated that India and Sri Lanka, both being Commonwealth countries, have similarities in their legal systems and the cross-border networking could help Sri Lanka shape its legal framework and policies in evolving sectors such as commercial, trade, artificial intelligence, and intellectual property.

UltraTech Cement Sri Lanka Director and Country Head Sandeep Holey said: “The LIBA is set to be a key player in advancing the relationship between India and Sri Lanka, enabling businesses and professionals to “Grow Together” through knowledge sharing, networking, and collaboration.”

Menon concluded by saying: “Our Governing Council represents very senior professionals and businesspeople from a myriad of industries and backgrounds in Sri Lanka. Both from a gender context as well as from an India/Sri Lanka context, it is a diverse and inclusive team. We are also committed to working with existing trade and business-related chambers and other institutions. We will have a strategic approach to deliver our vision.”