16 October 2024 06:20 am Views - 1255
| Santosh Jha - Pic by Pradeep Pathirana |
By Nishel Fernando
The Indian government’s ability to promote investments in Sri Lanka among Indian investors depends on the creation of a welcoming and conducive ecosystem, along with legal and regulatory stability, according to Indian High Commissioner to Sri Lanka, Santosh Jha.
Fair treatment of investors is also crucial to attracting Indian investments into the country, he said.
Delivering the keynote address at the 45th National Conference of Chartered Accountants in Sri Lanka, Jha emphasised the importance of a “welcoming and conducive ecosystem” for the successful implementation of Indian investment projects in the island nation.
Indian investments in Sri Lanka currently span various sectors, including petroleum trade, tourism and hotel development, manufacturing, telecommunications, and financial services. Most of these projects are structured as joint ventures.
Jha also highlighted new areas of interest for Indian investors, such as renewable energy and logistics.
India remains committed to expanding trade and investment opportunities under Sri Lanka’s new government, Jha said.
“We are willing to expand opportunities by upgrading our free trade agreement and our bilateral investment arrangements,” he added.
Jha went on to reveal that the Indian government is in the process of implementing its Gati Shakti digital platform for infrastructure development. This platform is designed to ensure integrated, coordinated, and expedited implementation of infrastructure projects across India.
Additionally, the Indian High Commissioner noted that India is working with the Sri Lankan government to accelerate the much-delayed digital ID project, which is being funded as an Indian grant. He underscored the project’s potential to transform governance in Sri Lanka by increasing transparency and reducing corruption.
Jha commended the long-standing partnership between the two countries, describing it as one of the most stable bilateral relationships in the region.
“Our partnership serves as a role model for neighbourly friendship in the region and beyond,” he said.