India to establish a pharmaceutical manufacturing hub in Sri Lanka
Indian Commerce, Industry and Textile Minister Anand Sharma, who was in Sri Lanka last week with a large contingent of businessmen and officials representing 108 large Indian companies, highlighted how the bilateral trade and investments would be further accelerated.
He said trade and investment between the two countries would expand and be enhanced to $10 billion by 2015. Several Sri Lankan ministers were present at the inauguration of the Indian Show and among them were Dr Sarath Amunugama, Senior Minister of International Monetary Cooperation, Rishad Bathiudeen, Minister of Industry and Commerce and Basil Rajapakse, Minister of Economic Affairs.
The first India Show was held in 2003 and the second was in 2005. The show was organized by the Confederation of Indian Industry (CII) in partnership with the Ceylon Chamber of Commerce (CCC). The Indian Show 2012 went on for three days held at the BMICH.
Mr Sharma indicated that the Indian investments are directly linked to manufacturing and exports and preferential access would create better prospects for both countries. He said that they would also venture into what they have not already gone into such as agro-processing, pharmaceuticals, bio-tech, tourism and knowledge based activities. He said that Indian business leaders would strengthen these investment decisions through Sri Lankan counterparts.
Some of the highlights Mr Sharma made were to establish two new export zones and to be directly involved in promoting the five hub strategies of Sri Lanka and establish a pharmaceutical manufacturing hub in Sri Lanka with the participation of Indian pharmaceutical firms. India is also keen to expand their presence in the oil and gas exploration in Sri Lanka. The hospitality industry is another area they hope to involve.
The export manufacturing zone that would come up in the Trincomalee district would manufacture auto components and engineering goods, and to assist the zone an industrial skills training institute would also be established. The Indian Show promotes a two-way flow of goods and services between India and Sri Lanka enabling Indian companies to show their prowess and encourage Indian investment in Sri Lanka and to provide opportunities to the Sri Lankan companies to enter into partnerships and collaborations with Indian companies.
Sri Lanka now is India’s largest trade partner in SAARC and India is Sri Lanka’s largest trade partner worldwide.
Some of the key sectors represented at the exhibition were infrastructure, power, mineral fuels, oil related products, electrical machinery and components, food products, agro-processing, mining machinery, railway equipment, rolling stock, paper, paper board and paper pulp, handicrafts, textiles and garments, information and communications technology and financial services.
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