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India’s External Affairs Minister Dr. S. Jaishankar addresses a special joint press conference at the Presidential Secretariat yesterday along with President Ranil Wickremesinghe and Foreign Affairs Minister Ali Sabry
India yesterday reiterated it will stand by Sri Lanka in its hour of need and expressed confidence in overcoming challenges.
The latest expression of support came from India’s visiting External Affairs Minister Dr. S. Jaishankar following meetings with President Ranil Wickremesinghe, Prime Minister Dinesh Gunawardena and Foreign Affairs Minister Ali Sabry.
Bilateral talks focused on commitment to reinforce strong bilateral ties as well as new measures to enhance cooperation in areas of renewable energy, trade, investment, infrastructure, and tourism.
“We have had a very good discussion that follows up on my meeting with my counterpart and other Sri Lankan Ministers,” Jaishankar said a special joint press conference at the Presidential Secretariat yesterday along with President Ranil Wickremesinghe and Foreign Affairs Minister Ali Sabry.
He said the primary purpose of his visit to Colombo was to express India’s solidarity with Sri Lanka during these difficult moments.
Last year India extended about $ 4 billion in terms of credits and roll overs to help Sri Lanka get through an economic crisis.
“For us, it was an issue of ‘Neighbourhood First’ and not leaving a partner to fend for themselves,” emphasised Jaishankar.
“This year, in a developing situation that was beginning to cause concern, the same sentiment reasserted itself. We felt strongly that Sri Lanka’s creditors must take proactive steps to facilitate its recovery. India decided not to wait on others but to do what we believe is right.
“We extended financing assurances to the IMF to clear the way for Sri Lanka to move forward. Our expectation is that this will not only strengthen Sri Lanka’s position but ensure that all bilateral creditors are dealt with equally,” India’s External Affairs Minister.
While doing that, he said that India is aware that Sri Lanka’s pathway is one of a strong economic recovery propelled by greater investments. “Here too, I have a clear message that I will be sharing with the business community. India will encourage greater investments in the Sri Lankan economy, especially in the core areas like energy, tourism and infrastructure.
“We count on the Government of Sri Lanka to provide a more business-friendly environment to create a powerful pull factor. I am confident that the gravity of the situation is realised by policy makers here,” he said.
Acknowledging energy security as one of Sri Lanka’s most serious challenges, Jaishankar said a search for solutions must necessarily encompass the larger region. Only then will Sri Lanka get the full benefit of scale.
He said Sri Lanka has enormous renewable energy potential that can become a sustainable source of revenue. It has the capability as well for Trincomalee to emerge as an energy hub. In its support for Sri Lanka, India is prepared to be a reliable partner on such initiatives.
“We have today agreed in-principle on a renewable energy framework that would take this cooperation forward,” he revealed.
Focusing on tourism which is the life blood of the Sri Lankan economy, Jaishankar said Indian tourists are expressing their positive sentiments for Sri Lanka in a very practical manner by coming here.
“But there are many more steps we can take to make this sustainable. Strengthening connectivity and promoting travel is therefore a very high priority for all of us. Definitely, encouraging Indian tourists to make RuPay payments and utilise UPI would be most helpful in this regard,” he emphasised.
India’s External Affairs Minister also said in a turbulent world, it is essential that India and Sri Lanka steady their trade and “The use of rupee settlement for trade is obviously in our mutual interest.”
“I would like to underline that India is a reliable neighbour, a trustworthy partner, one who is prepared to go the extra mile when Sri Lanka feels the need.
“My presence here today is a statement about Prime Minister Modi’s commitment to ‘Neighbourhood First’. We will stand by Sri Lanka in this hour of need and are confident that Sri Lanka will overcome the challenges that it currently faces,” Jaishankar reiterated.
Foreign Affairs Minister Ali Sabry recalled India’s significant assistance to Sri Lanka last year when it was going through the most serious economic crisis ever experienced.
On behalf of President Ranil Wickremesinghe, he extended gratitude to Prime Minister Narendra Modi, and the Indian Government for the support of a US$ 4 billion credit line provided for the import of essential goods as well as other in-kind humanitarian assistance which enabled SriLanka to regain some measure of economic and financial stability.
