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India-Sri Lanka trade set to touch $4 billion – SANA

[MISC, Saturday, 14 January 2012 11:47 No Comment]

SANA)Indo-Sri Lanka bi-lateral trade is likely to cross $4 billion in 2011, up from $ 3 billion in 2010, according to Mr Rishad Bathiudeen, Minister of Industry and Commerce, Democratic Republic of Sri Lanka.
Addressing a networking session on the last day of the three-day CII Partnership Summit 2012 on Friday, he said there were lot of opportunities for the two countries to partner for economic growth.

“The Indo-Lanka Free Trade agreement had helped Sri Lanka to diversify its portfolio of exports to India,” he pointed out.

He said Sri Lanka has come out with a string of incentives to overseas investors in strategic sector such as a 25-year tax holiday. He pointed out that this incentive was extended to NTPC, which is setting up a 500 mw power unit in Sri Lanka. Sri Lanka’s import-export ratio is at present at 8:1. “But there is lot of untapped potential to reduce this mismatch,” the Minister said.

He wanted Indian importers to consider Sri Lanka before negotiating with other countries.

Mr T.T. Ashok, Chairman, CII Southern Region, said there were opportunities for India in the Sri Lankan hospitality sector. Sri Lanka has estimated that there will be 2.5 million overseas visitors in the next two years, he pointed out.

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