SL-India trade up by 40% in 2021, says Indian envoy

Sri Lanka’s bilateral trade with India has grown by a notable 40 percent in 2021 over the previous year, overcoming the pandemic-induced challenges.

“Despite the various challenges we had, India-Sri Lanka trade has grown; not only the bilateral trade has grown but Sri Lanka’s exports to India have also grown. When you look at the figures, it’s not a small growth in bilateral trade. It’s a growth of 40 percent or more,” Indian High Commissioner in Colombo Gopal Baglay said.

He was addressing National Logistic Awards 2022, organised by the Sri Lanka Logistics and Freight Forwarders’ Association (SLFFA), in Colombo last week.

According to the Export Development Board (EDB), Sri Lanka’s merchandise exports to India rose by 34.84 percent year-on-year (YoY) to US $ 815.11 million in 2021, becoming the third largest export destination behind the United States and European Union. “How this was possible when the whole world was grappling with one COVID wave after another, suffered with lockdowns and job losses,” Baglay said, commending the local freight forwarder community.

 “Exchange of business people, trade and investments create tangible growth and prosperity but it also creates trust,” he added. Meanwhile, he shared that the Indian government has requested the Indian businesses to prioritise investing in Sri Lanka, when they look for expansions. In particular, he emphasised the Indian High Commission along with the Indian government is working towards bringing impactful investments to Sri Lanka.