India pledges to deepen economic ties with SL

Sri Lanka yesterday received a strong pledge of commitment from its neighbouring giant, India, with its Finance Minister affirming improved assistance to help the government strengthen the national economy.

India’s Finance and Corporate Affairs Minister Nirmala Sitharaman assured that India and its government will work together with Sri Lanka to mutually strengthen each other’s economy, a move which will allow people from both nations to prosper.

“I am happy to say that India shall engage with Sri Lankan authorities to make sure meaningful assistance, and interventions are made so that the economies of both countries can be developed simultaneously, and the benefits are shared among the people,” said Sitharaman delivering the keynote address at Sri Lanka Economic Summit 2020 hosted by the Ceylon Chamber of Commerce (CCC).

She shared that the Ministry of Commerce and Industry, the Ministry of External Affairs, and her ministry will work together with Indian manufacturers and investors to look at Sri Lanka to deepen trade.

According to Sitharaman, the close geographic proximity and familiarity, which both nations enjoy, can result in 
better investments.

The minister added that to move in the proposed direction, the basic conditions, in terms of policy and its implementation must be in place to allow businesses to succeed in establishing partnerships.

She stressed that the private sector of India and Sri Lanka must engage with their respective governments to identify opportunities and highlight the regulatory interventions required for facilitation.