India is ready for an economic partnership with Sri Lanka and underscores the importance of private sector participation in economic and commercial bilateral partnership between the two neighbors, Indian High commissioner Gopal Baglay said in Colombo.

Speaking at the Sri Lanka Investment Forum (SLIF) 2021, the High Commissioner underlined that future of economic and commercial bilateral partnership could focus on areas such as ports, shipping, connectivity, logistics, energy/renewable energy, IT, tourism and hospitality, transport, real estate, health, education and agriculture.

A country session dedicated to India was held in virtual format at the Sri Lanka Investment Forum (SLIF) 2021 organized by the Board of Investment of Sri Lanka, the Ceylon Chamber of Commerce and the Colombo Stock Exchange.

The dedicated session included a panel discussion involving representatives of three Indian companies with successful ongoing investments in Sri Lanka – HCL, IOCL (LIOC), and Ashok Leyland.

Outlining the comprehensive nature and scope of Indian investments in Sri Lanka, the envoy noted that Indian business and industry are perhaps the best suited to partner with the island nation because of proximity, familiarity, and longstanding ties between the two sides.

Expedited implementation of bilateral projects would enhance investor confidence and boost economic growth. Stable and predictable policies were identified as being the key to promoting economic interactions, he said.

State Minister of regional cooperation Tharaka Balasuriya spoke about significant Indian investments in Sri Lanka and highlighted sectors like automobile components, apparel industry/fabric parks, IT sector, pharmaceuticals and education.

He also thanked India for its support in terms of medical supplies related to Covid-19, especially the supply of vaccines under the Vaccine Maitri Programme.

During the panel discussion, the three Indian companies shared their investment experience in Sri Lanka and spoke about their efforts to expand business in Sri Lanka, especially in the context of the challenge posed by the pandemic.

(SAM)