India targets long-term investments in Sri Lanka

India is looking forward to promote long-term investments in Sri Lanka in key economic sectors to assist the country in the recovery process.

The Indian High Commission in a statement said they would “continue to be supportive of Sri Lanka in all possible way”.

The statement came as a response to queries raised about its previous statement in which hinted that there will be no more assistance as Sri Lanka has now reached a staff level agreement with the International Monetary Fund.

“We have seen the relevant media reports. We would like to emphasise that India has extended unprecedented bilateral assistance amounting close to USD 4 billion this year for ameliorating the difficulties faced by the people of Sri Lanka,” the statement said.

“ India has also advocated to other bilateral and multilateral partners supporting Sri Lanka expeditiously in its current economic difficulties. We have also noted the conclusion of a Staff Level Agreement between IMF and Government of Sri Lanka. Its further approval within IMF is contingent upon, inter alia, on Sri Lanka’s debt sustainability,” the statement added.

 “ We continue to be supportive of Sri Lanka in all possible ways, in particular by promoting long-term investments from India in key economic sectors in Sri Lanka for its early economic recovery and growth.”

In addition our bilateral development cooperation projects in Sri Lanka, which cumulatively total about US$ 3.5 bn, are ongoing. Sri Lankans also continue to avail of scholarships for higher education and skills training in premier Indian institutions.

“ These aspects of our close and long-standing cooperation with Sri Lanka also contribute to the efforts for addressing Sri Lanka’s current economic difficulties”, the statement added.