Indian officials due in Colombo for ETCA talks
A high powered delegation from India is due to arrive in Sri Lanka within the next few weeks to look into the proposed economic and technology co-operation agreement (ETCA) with India and also look at investment and services opportunities available in the country. This was stated by the Deputy High Commissioner for India to Sri Lanka Arindam Bagchi at the Sri Lanka PLAST 2016 Expo held at the Bandaranaike Memorial International Conference Hall (BMICH) last week. He said 75 companies from India were taking part at the fair. “We want to strengthen the economic partnership with Sri Lanka which has had a robust relationship with India for over thousand of years. Over the years exports from both countries have increased tremendously.”
He said, “We must look beyond exports to other areas such as investment and services provided by both countries. India has invested over a billion dollars in Sri Lanka and more Indian companies are expected to set up businesses in Sri Lanka in the future. Likewise a number of Sri Lanka companies such as Damro, Brandix and MAS holdings and others who have set up businesses in India are doing extremely well. Referring to the Colombo Port, he said it was a major trans-shipment hub for 70 per cent of the Indian shipment of goods. He said although many Sri Lankans have complained that India is not a place for investments it will soon become a reality for doing business in India when new laws are legislated.
Minister of Industry and Commerce Rishad Bathiudeen, the Chief Guest, said that with declining oil prices rubber based products have become cheaper and will become attractive products in the consumer market. He said Prime Minister Ranil Wickremesinghe has taken the initiative to improve the rubber sector and the Government is currently engaged in a survey countrywide on rubber manufacturing that will be completed at the end of the year. Referring to a shortage of skilled personnel in rubber manufacture, he said several Sri Lankans from the state rubber sector will be sent to the Kerala University in India to upgrade their knowledge on rubber and plastic technology.