• Greater digitisation and economic integration key focus 
• Says ETCA will achieve true potential of India-Sri Lanka trade partnership once signed

By Ishan Sheriffdeen

The governments of India and Sri Lanka are currently working on promoting and strengthening connectivity in digital, physical, and power & energy spheres between the two countries.

In the digital sphere, the Indian government has embarked on several projects for Sri Lanka that includes the  launching of a Pi payment system, promotion of green settlements in INR and the implementation of a unique digital identity project, said India’s envoy in Colombo.

“These initiatives will enable greater digitisation and economic integration between the two countries. We have also offered assistance to bring the digital infrastructure to Sri Lanka to enable the kind of transformation that India experienced in the last decade,” said the newly appointed High Commissioner of India to Sri Lanka Santosh Jha on the opening day of the All India Management Association (AIMA) Leadership Retreat held in Colombo on Wednesday.

He said that India is also considering multiple energy projects in the power sector to enable power grid connectivity and is working on setting up a virtual LNG pipeline from Kuchi to Colombo. These are in addition to projects such as the NTPC solar power project in Sampur that aim to transform Sri Lanka’s power and energy profile.

 “We are exploring synergies in new areas to achieve our economic and development goals. Our desire to work closely with the government and the people of Sri Lanka manifested most during the covid pandemic  period and the subsequent economic crisis in Sri Lanka. “India stood shoulder-to-shoulder with people of Sri Lanka as a trusted and reliable friend in providing foreign exchange support as well as helped source key items such as fuel, food and medicine from India,” Jha recalled.

The envoy pointed out that India is Sri Lanka’s largest trading partner. In 2022, bilateral merchandise trade between India and Sri Lanka stood at around US$ 6 billion. The two governments have recently resumed discussions on the Economic and Technology Co-operation Agreement which seeks to further advance trade and economic partnerships beyond the Free Trade Agreement (FTA). Once signed, it will help achieve the true potential of India-Sri Lanka trade partnership. 

India is also the largest source of investment to Sri Lanka. It continues to show greater interest in infrastructure, energy, renewable energy, transport, and telecommunication sectors among others.

Furthermore, another sector that can help in building bridges between the economies and societies of the two countries is the education sector. Opening campuses of Indian universities in Sri Lanka and promoting opportunities for Sri Lankans students to pursue higher education in India are also areas that are currently looked at.

The three-day AIMA Leadership Retreat is themed ‘Aspire, Achieve, Inspire: Women in Leadership Roles’.