Sri Lanka keen to bolster trade ties with India

The new Government in Sri Lanka is keen to promote trade relationships with India.

This includes an agreement on science and technology that is being worked out and which the two countries hope to sign next year, according to Vadivel Krishnamoorthy, Deputy High Commissioner of Sri Lanka in southern India.

Addressing the India-ASEAN-Sri Lanka Chamber of Commerce and Industry in India, Krishnamoorthy said: “There is scope for collaboration in the areas of construction services such as real estate, infrastructure development and town planning in Sri Lanka.” 

He said the proposal to upgrade infrastructure of five cities around Colombo, which will be finalised after the budget, gives a platform for the countries to work together.

Another project, to rehabilitate conflict-affected families in the northern and eastern provinces by constructing 65,000 independent housing units, presents yet another opportunity to strengthen ties between the countries, he added.

“Sri Lanka’s strategic location and stable government, literate workforce and pro-business environment make it an ideal launch pad for Indian entrepreneurs to tap the whole South Asian market,” said Krishnamoorthy.

Stating that there is considerable potential to increase Sri Lankan exports to India from $624 million now, he said bilateral trade has grown substantially since 2000, after the signing of a free trade agreement.