Indian investors are looking at opening a fertilizer plant in Eppawala. Chairman, NPK Fertilizer Plant of India and the President of the SAARC chamber of Commence Vikramajith Singh Sahney, said that they are looking at a joint venture.
He said that with the North East opening up the Agriculture industry would pick up and the demand for fertilizer would increase. “Hence we see an opening in Sri Lanka,” he said. In addition we are also looking at exporting the manufactured goods in Sri Lanka back to India and other regional counties.
He said that they are ready to invest around US $ three million to increase capacity of the Eppawala plant.
“We have already met Sri Lankan officials in this regard and have received a favorable response,”? he said.
The State Resources and Enterprise Development Ministry took measures to develop Lanka Phosphate Limited simultaneously with the Deyata Kirula -2012 exhibition with a new plant being established in Eppawala.
Demand for the Single Super Phosphate (SSP) system at the Eppawala Phosphate deposit has reduced and demand for the Triple Super Phosphate (TSP) system has increased.
Arrangements have been made by the government to follow the TSP system in fertilizer manufacturing.
The annual Phosphate requirement of the country is 75,000 metric tons.
The SAARC Chamber President who led an Indian Trade delegation to Sri Lanka recently said the members were also happy with the tour.
“They are happy with the meetings they hand and are now looking forward to take the discussions to the next level,” he said.
Minister of Economic Development, Basil Rajapaksa who met this delegation said that enlarging the opportunities for trade and investment among the SAARC countries can be an effective instrument to stimulate economic growth in the region.
“However, the level of inter- regional trade and investment continue to be very low in the SAARC region.
We are far behind the other regional economic blocks in trade and investment,” he said.
He said that the SAARC chamber is now looking at doing trade in the region with their own currency rather than dealing in US dollars. .
“We are also looking at mooting a common FTA for the region,”? he added.
One of the other novel ideas that were also discussed was to offer open visa for 500 entrepreneurs in the region to travel Visa Free within the eight countries for a stipulated period.