Indo-Lanka investment opportunities explored

Follow-up efforts expected on pharmaceuticals, agriculture, manufacturing, connectivity, and tourism sectors 

Investment opportunities between Sri Lanka and India were discussed this week with follow up co-operation to be focused on several sectors including pharmaceuticals, agriculture, manufacturing, connectivity, and tourism.  

High Commissioner of India to Sri Lanka Gopal Baglay spoke at a virtual event titled ‘Deepening Economic Collaboration between India and Sri Lanka’ on Tuesday, the Indian High Commission said in a statement. This event was organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with the Lakshman Kadirgamar Institute of International Relations and Strategic Studies (LKIIRSS).

Foreign Affairs Ministry Secretary Ambassador Ravinatha Aryasinha and the President of FICCI Dr. Sangita Reddy participated in the event apart from other senior office-bearers from FICCI, LKIIRSS, and representatives from the Sri Lankan Board of Investment, Tourism Promotion Board, and the Institute of Nanotechnology.

In his remarks at the event, High Commissioner Gopal Baglay spoke about the dynamic and comprehensive ties between India and Sri Lanka, and underlined the need to further expand the wide-ranging bilateral co-operation to effectively and expeditiously address the unprecedented challenges created by the COVID-19 pandemic. 

He observed that today’s situation calls for future oriented policies that balance the need for economic security with the efficient utilisation of complementary economic strengths between the two countries.

The High Commissioner outlined a few promising areas for such collaboration such as infrastructure, energy, connectivity, IT, agriculture, manufacturing, pharmaceuticals, tourism, and education. 

He also mentioned that sustained engagement in these and other mutually beneficial areas will thrive in an encouraging and enabling environment, underpinned by a consistent and predictable policy outlook. He added that building more comprehensive long-term ties between commercial entities of Sri Lanka and India will enhance capacity, promote employment, and increase prosperity.

Ambassador Aryasinha spoke about the importance of economic recovery in the context of the overall challenge posed by COVID-19 and mentioned that both sides could draw upon past successes and the ongoing co-operation to build a way forward. He also highlighted the various opportunities for investment by Indian companies in Sri Lanka.

Industry participants from both sides highlighted opportunities in a number of sectors such as pharmaceuticals, agriculture, manufacturing, connectivity, tourism, and science and technology. It was agreed that sectoral action points will be followed up vigorously.