Confederation of Indian Industries CEO’s delegation meets EDB Chief

A delegation led by S. Gopalakrishnan, Vice President, Confederation of Indian Industries (CII) met Export Development Board (EDB) Chairman and CEO Janaka Ratnayake yesterday.

The delegation comprised 13 members of CII and among them there were high powered person of renowned brands in Sri Lanka, ICICI Bank, TVS and Sons Ltd., etc.

The main business interest areas of this delegation are joint ventures, auto components, metal and plastic products, electronic and engineering products, hydro power generation, real estate, financial services, educational services, tourism, etc.

India and Sri Lanka enjoy a long-standing relationship going back several decades as close friends. In the post independent era, the volume as well as the composition of bilateral trade underwent significant changes between India and Sri Lanka.

Ratnayake stated the importance of further enhancing the bilateral relationship between the two countries. He pointed out that there was a huge trade deficit between Sri Lanka’s exports to India and imports from India and this cooperation would be an ideal platform to make attempt to reduce this trade deficit.

India which stood as the 22nd buyer of Sri Lanka in 1990 has emerged as the third largest buyer in 2010 accounting for 6% of total exports from Sri Lanka to the world. The main contributing factor for the significant increase in the total trade turnover could be attributed to the recent past is the implementation of the Indo-Sri Lanka Free Trade Agreement.

A number of new products have found market access to India due to the tariff concession provided under this agreement. The EDB Chief stated that most of the imports from India to Sri Lanka were executed under this agreement.

Ratnayake further pointed out that he would be attending a series of trade promotional meetings in Mumbai, New Delhi and Chennai for three days commencing 14 December 2011.

During this visit he will be having meetings with leading trade chamber and associations in India including the Retailers Association of India, the Bombay Chamber of Commerce, Confederation of Indian Industries, and Federation of Indian Chamber of Commerce and Industry, etc.

Ratnayake also drew attention to the forthcoming mega trade event in Sri Lanka, Expo 2012, and the significance of this event for both countries. The Vice President of the CII confirmed that a delegation from the CII would visit Sri Lanka in March for the Sri Lanka Expo 2012.