Mega ‘India Show’ to open in Colombo this week

Monday, 30 July 2012 00:01 - - {{hitsCtrl.values.hits}}

By Shanuka Tissera

The Confederation of Indian Industry (CII) with the support of the Indian Ministry of Commerce and Industry have joined forces with the Ceylon Chamber of Commerce to ensure that the long-awaited India Show will provide serious opportunities for attendees from 3-5 August at the Bandaranaike Memorial International Conference Hall (BMICH).

The three-day exhibition is the main event and is expecting over 105 exhibitors, all of whom have made their mark both in domestic and international markets. A Ministerial delegation and business delegation ranging from automotives, engineering, textiles, earth moving machinery, oil and gas and IT companies are just a few that will be attending. The event aims to provide a platform for Indian companies to showcase their strengths and innovative ideas in a bid to enhance investment in the Sri Lankan economy.

Since 2009, bilateral trade between India and Sri Lanka has been on the rise. Trade between the two countries now stands at US$ 4.86 billion, while Sri Lanka’s exports to India stand at a mere US$ 554 million.

Deputy High Commissioner P. Kumaran made his intentions clear when he stated that “Sri Lanka needs to export more to India despite what you hear, there is a massive opportunity knocking at your door and you must welcome it.”

Last year 20% of tourists coming into Sri Lanka were from India and have been evaluated as high spenders in terms of the world markets; 11 million Indians travel abroad each year so that 20% must increase year on year.

The last Indian Show was in 2006 and according to Counsellor Economic and Commercial Manish, this year the event has much broader scope, since public and private sector needs have changed dramatically since 2006. “There is much to capitalise on; we need actions to speak louder than words now.”

TATA is the principal sponsor of the event and will also be taking part in the exhibition.

“In five years’ time, Sri Lanka and India must double their trade and investment,” Deputy High Commissioner P. Kumaran said.

On 4 August, there will be a CEO forum where the giants of Sri Lanka and India will meet and not clash horns, but unite to prosper economically and socially. The exhibition will also provide business-to-business meetings so that companies can brainstorm on increasing market share.

The three Cs – Commerce, Culture and Cuisine – is what is going to make this event truly special. The event is being held with the view of increasing economic engagement as more and more countries are coming to Sri Lanka with an aim to invest here. Sri Lanka has the opportunity it is looking for right across the Indian Ocean and it is time to act and reap the rewards of India Show 2012.