Indo-Lanka bilateral trade up 70% to record $ 5 b in 2011

Friday, 27 January 2012 04:00 - - {{hitsCtrl.values.hits}}

Bilateral trade between Sri Lanka and India had surged by over 70% to a record $ 5 billion in 2011, Indian High Commissioner Ashok Kantha revealed yesterday.

“In 2011, bilateral trade surged by over 70% and is estimated to have touched an all-time high of US $ 5 billion, while Indian companies invested over $ 100 million in Sri Lanka,” Kantha said during his address at the ceremony marking the 63rd Republic Day of India at India House in Colombo yesterday.

He said that 2011 performance had ensured that India remains the largest trading partner of Sri Lanka in addition to being a leading investor. “India is also largest source for tourist arrivals in Sri Lanka,” he added.

Kantha also highlighted the vast expansion in India’s development assistance and the growing recognition that Indian projects were being completed in a timely and efficient manner.

Referring to the MoU signed for construction and repair of 49,000 houses under a grant assistance of US$ 260 million, he pointed that this was perhaps one of the largest projects of its kind undertaken by India in a foreign country.