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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » India show in Sri Lanka to boost investment and trade

India show in Sri Lanka to boost investment and trade

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
July 30, 2012 (LBO) - India Show, an exposition of Indian business in Colombo to be held from August 03 has drawn over 100 exhibitors which will give a chance for the two countries to boost trade and investment as well as influence policy, officials said.

"We hope this will be a platform to build partnerships which will promote investments with a view to intensify our economic engagement," India's deputy high commissioner P Kumaran said.
More than a 100 companies in automobiles, engineering, tourism, pharmaceuticals, food processing, handicrafts and agri-business will exhibit their goods and services.

In engineering for examples firms in textiles and garment machinery, earthmoving and construction machinery, oil and gas, mining and railway equipment will participating.

India's commerce and industry minister Anand Sharma and a delegation of Indian businessmen will arrive in the country.

India's Commerce Ministry, Confederation of Indian Industry and India Private Equity Foundation is organizing the show.

Trade Expansion

Two-way trade between India and Sri Lanka had reached 4.86 billion US dollars with Indians buying about 500 million US dollars of Sri Lankan goods and Sri Lankans buying the balance from India.

"India also imports of about 500 billion US dollars worth of goods from other countries. The fact that Sri Lanka exports only 500 million dollars to India, again tells us that there is a lot for expanding the scope to India."
"The fact that the imports of 500 billion against just about 300 billion that we export, shows that our economy is very open for imports despite what we hear from time to time."

India was the top source of tourists to Sri Lanka drawing 20 percent or 170,000 people in 2011.

"While this is certainly a commendable number it needs to be seen against the 11 million Indian tourists who travel out from India."

"This number is expected to increase to 50 million by 2020. Clearly again there is a lot of scope for improvement. Interestingly the World Tourism Organization rates Indian tourists as the second highest spenders in the world."

Investments

Indian firms had invested 147 million US dollars in Sri Lanka in 2011 making it the second highest source of foreign direct investment.

In 2010 India was the largest foreign investor in Sri Lanka. In 2011 Mauritius with 250 million US dollars was the top investors in Sri Lanka.

"It is possible that some of the investments coming through Mauritius are also from Indian companies," he said.

Indian firms had invested over 600 million US dollars in Sri Lanka.

"Actually there is a lot of scope for further investment," Kumaran said. "In the last 10 years Indian companies had invested about 75 billion US dollars abroad. If you look at that 600 million they had invested in Sri Lanka is very small.

"The scope for increasing this amount is extremely large."

Several Indian firms had started bought property in Sri Lanka, including ITC to develop hotels, shopping malls and apartments. State-run Indian Oil Corporation, which is already in oil distribution, had expressed interest in building a refinery according to reports.

IOC will be among the exhibitors. Economics and commercial counsellor Manish who goes by one name said other state firms, Bharat Petroleum, Bharti Electricals will be participating. Citizen's firms will also participate.

"TATA group is the principle sponsor, Ashok Leyland is a co-sponsor," he said. "We are getting support from well known brands that you are all aware of."

Policy Forum

A seminar themed on 'doubling of trade and investment between relations within Sri Lanka and India within the next five years' with Indian and Sri Lankan representatives will be held.

"Indian and Sri Lankan sides will have a two hour session on this theme to bring strong outputs and recommendations on how to achieve this target in the next five years."

"The outcome of this seminar will be incorporated into the policy framework of the two governments."

On August 04, a chief executive's forum co-chaired by representatives from the two countries will also meet and recommend policy changes.

The will also have cultural events and food, including an Indian wine tasting even combining commerce, culture and cuisine, Manish said.
http://www.lbo.lk/fullstory.php?nid=1430270532

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