Investors must look at medium and long-term investments to benefit SL, India: HC Baglay

The investors should not only focus on the short-term requirements but also be prepared and collaborate in medium and long-term investments to create a win-win situation for Sri Lanka and its neighbouring giant, Indian High Commissioner Gopal Baglay said. 

Baglay pointed out that there is room for Sri Lanka to increase its trade with India, for which it needs to look at the possibilities of firming up the relationship, given that there are several businesses on the lookout for opportunities.  
Baglay made his comments while addressing the 14th Annual General Meeting (AGM) of the Indo Lanka Chamber of Commerce and Industry (ILCCI), held recently in Colombo. 

Trade and economic ties between the two countries have so far successfully navigated the challenges created by the pandemic, which is reflected by the overall trade value between the two countries; it is more than US $ 5.4 billion. India has emerged as Sri Lanka’s third largest export destination and its second biggest source of imports in 2021.  

Bilateral trade has grown year-on-year by almost 50 percent to US $ 5.4 billion. The balance of trade at US $ 3.8 billion remains hugely in favour of India.  

On the services front, India remains the largest origin and destination for transshipment cargo through the Port of Colombo and last year accounted for almost 70 percent of the total transshipment volume in the port. 

Meanwhile, the AGM saw Brandix Apparel Ltd CEO Muthukumaraswamy Raghuraman and TATA Communications Lanka Ltd CEO Ashish Dubey re-elected as Vice Presidents of the ILCCI. Sunshine Holdings PLC Group Managing Director Vish Govindasamy remains as Immediate Past President.

The current Committee of the ILCCI comprises of Carson Cumberbatch PLC, Hemas Holdings PLC, Indian Bank, Lanka IOC, MAC Holdings (Pvt.) Ltd, PGP Glass Ceylon PLC, Sunshine Holdings PLC and TAL Lanka Hotels PLC along with Desamanya Mano Selvanathan as Founder President of the ILCCI, Counsellor – Commercial and Economic of the High Commission of India and Director General of Commerce of Sri Lanka as invitees.