As year-on-year bilateral levels surged by 6.3%, overall trade volumes between India and Sri Lanka has edged towards a historic mark of just $5Billion -only $83 million short of coveted threshold, Minister of Commerce and Industry Rishad Bathiudeen said .
“We are on the verge of important turning points in our bilateral trade history” said Minister of Industry and Commerce Rishad Bathiudeen yesterday in Colombo.
Minister Bathiudeen was addressing the 5th edition of the Indo Ceylon Economic Dialogue (ICE dialogue-5) jointly organized by the Federation of Chambers of Commerce and industry of Sri Lanka and Federation of Indian Chamber of Commerce and Industry at Renuka Hotel in Colombo on 11 August.
Joining Minister Bathiudeen at the session were Deputy Indian High Commissioner to Sri Lanka Arindam Bagchi, delegates from the Federation of Indian Chamber of Commerce and Industry and President of Federation of Chambers of Commerce and Industry of Sri Lanka Sarath Kahapalarachchi.
“B2B initiatives, such as today’s Indo Ceylon Economic Dialogue which has successfully moved on to its fifth session are the types of platforms that both governments can formulate to strategise the forthcoming expansions in our historic bilateral cooperation. Today’s session takes place at a time when we are on the verge of important turning points in our bilateral trade history.
In that both countries are looking at expanding the existing trade mechanism for a much wider engagement as called by the highest levels of administration. The other turning point is that latest trade data from the Department of Commerce shows that last year our total bilateral trade has arrived at $ 4.91 billion. You too would agree that this value is just short of only 83 million dollars for us to cross the historic five billion dollar bilateral trade milestone” said Minister Bathiudeen.
Interestingly, we also notice FDI movements have become bilateral and some Sri Lankan FDIs have moved to India as well. Among the countries that supplied equity to India in the last 16 years Sri Lanka ranks as the 53rd country. As of March this year, Sri Lanka’s investments in India totals US $ 40 million. In fact Sri Lanka’s investments in India stands above investments by such countries as Portugal, Kuwait, Jordan, and some African countries.
Among Sri Lankan firms invested in India and are doing well are MAS, Orange Electricals, and Damro.
Indian Deputy High Commissioner Bagchi, addressing the event said that in the aftermath of recent political changes in both countries, there is renewed optimism in investment and trade on both sides.
“A high level Indian delegation is headed to Colombo in October and we are looking to re-formulate Indo Lanka CEO Forum when they are in Colombo. As for our bilateral relations, after the FTA was signed, Indo-Lanka relations heavily focused on economic relations. Indian exports to Sri Lanka increased by 10 times while two-thirds of Sri Lankan exports make use of FTA benefits.”
The Indo-Sri Lanka Free Trade Agreement (ISFTA) was signed in December 1998 and came into force on 2000.
The Constitutional Council has approved four nominees, proposed by the President, to fill vacancies in the Court of Appeal.
The Election Commission has announced the plan for leave for both public and private sector employees for the upcoming presidential election on September 21, 2024, without loss of salary or personal leave.
The Ceylon Petroleum Corporation (CPC) will reduce fuel prices with effect from midnight today.
Leave Comments