High Commissioner of India Y.K. Sinha today noted the dynamic developments over the past year in taking forward the strong, friendly and time-tested relationship between India and Sri Lanka.
The High Commission of India and the Indian expatriate community in Sri Lanka celebrated the 67th Independence Day of India today (August 15) at India House in Colombo.
In his address, the High Commissioner referred to the exchange of high-level visits which have imparted fresh dynamism to the ongoing dialogue and cooperation between our countries.
The High Commissioner highlighted the vibrant and growing economic and commercial partnership between India and Sri Lanka and noted that since the operationalization of the India - Sri Lanka Free Trade Agreement (FTA) in 2000, trade has multiplied by as much as 8 times, crossing the milestone of US$ 5 billion in 2011-12 and the cumulative FDI approvals for Indian investments stand at about US$ 1 billion since 2003, with investment inflows of US$160 million in 2012.
He emphasized that the container traffic of Colombo Port, which handles over thirty percent of the total container transhipment business of India; India-linked cargo, in turn, accounts for over three-fourths of Colombo Port’s total container transhipment volume, as a prime example of synergy in our bilateral economic relations.
He noted that a Joint Task Force constituted to follow up on proposals of increasing Sri Lanka’s export capacity with Indian investment in manufacturing of products like automobile parts, engineering products and pharmaceuticals and forging linkages with production and supply chains in India, as agreed upon during visit of Minister of Commerce and Industry, met in June 2013 and also discussed the ways to enhance the overall economic agenda.
The High Commissioner also pointed out the ambitious target set for doubling bilateral trade to reach US$ 10 billion in next three years.
The High Commissioner highlighted that India’s developmental assistance projects, based on the priorities set by the Government and the people of Sri Lanka, have made impressive progress.
The High Commissioner called people-to-people links one of the cardinal pillars of the special relationship between India and Sri Lanka which is rooted in close social, economic, cultural, educational and religious ties and which has matured and diversified with the passage of time.
