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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Indian Private sector to invest in Sri Laka's Ports - Sharma

Indian Private sector to invest in Sri Laka's Ports - Sharma

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
India today expressed its keenness to invest in development of Sri Lanka in a big way for which it promised to rope in private players in sectors like ports and exploration of oil and gas.

Indian Commerce Minister Anand Sharma, who is Colombo on an official visit, also reaffirmed India’s commitment to building infrastructure and institutions in Sri Lanka during his talks with the country’s leadership.

Sharma also said both countries reviewed the bilateral ties with reference to rehabilitation and resettlement of displaced Tamil civilians.

“Sri Lanka government is appreciative of India’s solidarity and efforts and ongoing efforts to rebuild areas which were destroyed in conflict and in rehabilitation of people,” Sharma told reporters in Colombo.

India has been involved in a number of developmental projects in Sri Lanka as part of its efforts to rebuild the country after the end of the civil war in 2009. The country is also building nearly 50,000 houses for displaced civilians in Tamil-dominated Northern Province.

Sharma said Indian companies will be more than wiling to upgrade ports in Sri Lanka.

“Also they are wiling to be a major partner in oil and gas exploration. An offer has been given by OVL. Also IOC is keen to develop oil refinery here,” he said.

The Minister also said the Government will ask all banks in India to help the private sector companies willing to invest in Sri Lanka.

India has also re-built several schools damaged during the decades-old civil war. It is also involved in empowering the Tamil civilians and helping them in a number of ways.

Yesterday, Sharma had said that India will provide assistance to Sri Lanka for setting up a manufacturing zone for producing engineering and auto component goods to help the neighbouring country improve exports.

The two countries, the Indian Minister said, have also decided to set up a skill training institute at Trincomalee.

Sharma is here to attend the ‘India Show’, leading a group of over 200 Indian CEOs to Colombo for the third ‘India Show’ organised by CII in Sri Lanka.

Over 108 Indian companies are showcasing a wide range of products and services, including automobile, engineering, infrastructure, tourism, food processing, ICT, financial services, pharmaceuticals and education at Colombo’s Bandaranaika Memorial International Conference Hall. - PTI
http://adaderana.lk/news.php?nid=19090

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
*Plan to open two industrial zones

By Mario Andree

Visiting Indian Minister Anand Sharma yesterday announced that his country’s private sector would invest five billion US dollars in Sri Lanka.

Accompanied by 108 Indian corporate heads, India’s Minister of Commerce, Industry and Textiles Anand Sharma said it was time that the two countries looked at strengthening their economic partnership which would be facilitated by the proposed Comprehensive Economic Partnership Agreement (CEPA).

India would provide Sri Lanka preferential access to the large Indian market through the CEPA focusing on sharing the economic prosperity his country was enjoying with its neighbour. Yesterday morning, the visiting Indian minister had several discussions, on setting up two industrial zones in Sri Lanka, in order to increase exports from Sri Lanka.

According to him, there were no complex issues in the Indo-Lanka Free Trade Agreement which could not be solved. He said that the two countries needed to look at CEPA more interactively to achieve high growth rates.

India was ready, he said, to render support to Sri Lanka by preferential access to the large Indian market and also to assist the country financially to share his country’s economic prosperity.

He said the two countries would conduct several meetings on increasing trade and achieving the target of US$ 10 billion, from the current 5 billion, by 2015, utilizing the fullest potential of both countries.

Trade between the two countries had been low, despite the immense potential existing in both markets, he said adding that India was looking for more imports from Sri Lanka and the two governments were negotiating on several agreements which would be finalized shortly.

Sharma said that after the discussions with Economic Development Minister Basil Rajapaksa and Minster of Industry and Commerce Rishad Bathiudeen last morning India had decided to establish two industrial zones in the country to support Sri Lanka in achieving high growth.

He said the two governments decided to establish the two zones to provide employment and also promote exports to India. India wanted Sri Lanka to enter its value chain.

A joint committee will be appointed for the evaluation of an engineering, automotive and manufacturing zone in Trincomalee, Sharma said adding that they would finalise the Indian committee members by last evening.

He also said the country was looking at establishing a pharmaceutical zone in Sri Lanka and pointed out that there was a delegation appointed in that regard and they would arrive in Sri Lanka next month.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=58339

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