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Tuesday, 18 October 2016 00:03 - - {{hitsCtrl.values.hits}}
Lankan Industry and Commerce Minister Rishad Bathiudeen greets Shreekant Somany, the Governing Council Member of the Finance Facilitation Center of the powerful Indian multinational and industry grouping, the Confederation of Indian Industry (CII)
India’s powerful multinational and industry grouping, the Confederation of Indian Industry, announced its support of Lankan small and medium-sized enterprises (SMEs) and industries in an unprecedented offer last Wednesday in Colombo.
“Within India, there are so many economic changes that could be advantageous for Sri Lanka. What is important is that this is also a new opening for Lankan industries and SMEs,” said Shreekant Somany, the Governing Council Member of the Finance Facilitation Center of the powerful Indian multinational and industry grouping, the Confederation of Indian Industry (CII).
Somany, who was leading a CII delegation to Colombo, was in discussion with a delegation led by Industry and Commerce Minister Rishad Bathiudeen. Joining Minister Bathiudeen were Ministry of Industry and Commerce Secretary T.M.K.B. Tennakoon and the Minister’s Advisor Himali Jinadasa. Somany is also the Chairman and Managing Director of Somany Ceramics Ltd, which ranks among the top five tile firms in India.
“Compared to many others, the Indian economy is doing well with 7.2% GDP growth. There are many common bonds between both countries. There is new interest and vigour in India with regard to Sri Lanka,” he said.
“The devolution of funds going to Indian states from the centre, which was only 2%, has tremendously increased with more than 40% of tax collected by the centre now sent to states. Therefore there is new competition among federal states to access these, which opens the door for Lankan companies to engage with Indian states in a new platform in trade and investment. This can give Lankan companies the opportunity to obtain technology transfer from India. Even we at CII have lots of expertise in such areas as education and skills, water management, agriculture, IT/ICT and renewable energy; all these being important to Sri Lanka as well. CII has centres of excellence in several areas such as logistics, sustainability, green initiatives, quality, leadership, etc. Through these we can directly support the needs of Lankan businesses and SMEs, such as training. We believe this is an opportune moment to make a real difference for industry and businesses at both sides. Our delegation that meets you today is diverse, leaders in many sectors and we are eagerly looking to partner with Lankan corporates and SMEs,” added Somany.
Among the Indian corporates meeting Minister Bathiudeen were those from the Indian process efficiency and energy conservation giant Forbes Marshall Ltd., Infrastructure Construction and Project Management multinational IL&FS Engineering and Construction and road and highway surfacing giant Elsamex SA along with sectoral leaders such as Taylor Rubber Ltd. and Somany Ceramics Ltd.
“We thank CII for its support to Sri Lanka and I still remember CII’s initiatives in Colombo in 2012, the Indo-Lanka CEO Forum and the visit in November 2012 of a high-powered CII delegation to Sri Lanka led by Indian business leader Adi Godrej,” recalled Minister Bathiudeen.
“The 2012 CII delegation’s trip to Colombo resulted in the way forward for Sri Lanka-CII cooperation and I am pleased to see such efforts bringing results today benefitting our SMEs and industries. Our industries and SMEs are entering a critical phase given the planned reforms of our Unity Government of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. There is no doubt that they would be happy to receive your support and I shall instruct my officials to update Lankan stakeholders on your groundbreaking offer. CII’s support could enhance many aspects of our SMEs to link to global markets,” he added.
The Indian industry and business-led, not-for-profit CII has more than 8,000 members from Indian multinationals, corporates and SMEs and is a leading policy influencer. More importantly, it is a reference point on overall Indian SMEs, multinationals and industry. It has an additional 200,000 other member firms as well. CII’s influence is such that it is even present in nine overseas destinations - China, Australia, Bahrain, Egypt, France, Germany, Singapore, the UK, and the US. CII also has institutional partnerships with 320 counterpart organisations in 106 countries.
