Gotabaya Rajapaksa’s visit has potential to boost bilateral trade, investments with Sri Lanka: Assocham

By: |
New Delhi | Updated: November 29, 2019 5:43:54 PM

Rajapaksa arrived here on Thursday on a three-day visit, his first overseas tour after taking over the reins of Sri Lanka 10 days back, a reflection of importance he attaches to ties with India.

gotabaya rajapaksa india, gotabaya rajapaksa, gotabaya rajapaksa in india, gotabaya rajapaksa party name, gotabaya rajapaksa news, gotabaya sri lankaNew Delhi: President Ram Nath Kovind, PM Narendra Modi at the ceremonial reception of Sri Lankan President Gotabaya Rajapaksa at Rashtrapati Bhawan, in New Delhi, Friday, Nov 29, 2019. (PTI)

Sri Lankan President Gotabaya Rajapaksa’s visit to India has the potential to impart momentum to bilateral trade and investment ties while leveraging huge geo-cultural commonalities between the two nations, Assocham said on Friday. Rajapaksa arrived here on Thursday on a three-day visit, his first overseas tour after taking over the reins of Sri Lanka 10 days back, a reflection of importance he attaches to ties with India. “We can significantly increase our bilateral trade from the present level of about USD 7 billion. Besides, mutual investment can also flourish in a number of areas, including ports, airports, highways, metro rails, telecommunication, petroleum products and hydel power,” Assocham President B K Goenka said.

As large global economies are becoming more and more protectionist, “it is time the neighbouring countries enhance their economic engagement and take mutual advantage of a vast market, tapping the resources of South Asia”, he said. “With a vast metro rail network under implementation in more than 30 cities, India has gained expertise in urban rail projects, which can be offered to Sri Lanka. Cities like Colombo can leverage Indian expertise in metro rail, while our large construction firms can further strengthen their presence in the neighbouring country,” Goenka said.

Similarly, India’s gems and jewellery sector can leverage Sri Lanka’s enviable treasure of precious stones for third country exports, he added. There is a great scope for mutual engagement in textile value-added products, marine products, processed foods along with logistics. “Some of Indian retail giants can also look forward to opening stores in Lankan cities where people have tastes and choices similar to consumers in India,” Goenka said.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Next Stories
1South Korea cuts growth forecast to lowest in decade as economy hit by trade disputes
2Cut in corporate tax rate was needed to spur investments, boost growth, says CEA KV Subramanian
3India braces for shock GDP as Modi scrambles to spur faltering economy