India has not only announced its continuing economic support for Sri Lanka this month, it has also put numbers, and signatures on the table.
During a business focussed visit to Colombo, an Indian Minister announced that over 2 billion dollars of investment was being lined up from businesses in his country who wished to invest in the island nation.
India’s Union Minister of State for Commerce Jairam Ramesh called on Sri Lankan President Mahinda Rajapakse in Colombo on February 14 and reiterated India’s commitment to provide economic foundation to the 13th Amendment to the island nation’s Constitution for devolution of powers.
He also presided over a timetable for a 5MW power plant in Sri Lanka’s east (see separate story).
In the course of the courtesy call on Mr. Rajapakse, Minister Ramesh said India would strengthen the economic muscle through investments in key areas.
Mr. Ramesh revealed during his visit to the island that investments of 2 billion dollars from business houses in his country into Sri Lanka are at a discussion stage.
"While 220 million dollars worth of Indian investment is already there in Sri Lanka and as much as 2 billion dollars of investments by Indian business houses into the Island country are under discussions," he told reporters after attending an Indo-Sri Lankan Investment Seminar.
Another 360 million dollars of Indian investments in value terms to Sri Lanka are also in the pipeline, the Indian central government Minister said.
The focus of the discussion is on education sector and textiles, the Indian Minister said. The bilateral trade and investments are expected to get a boost after the Comprehensive Economic Partnership Agreement (CEPA), which is likely to be signed by both countries by April this year, he added.
He said, both countries are slated to enter into the CEPA ahead of the SAARC summit, scheduled for July in Sri Lanka.
Mr. Ramesh told the President and Prime Minister Ratnisiri Wickremenayake, whom he met separately, that economic development and integration was a major antidote to terrorism and it would help resolve the ethnic conflict to the satisfaction of all communities.
Mr. Wickremenayake told the Minister that his government was going ahead with the implementation of the Amendment in the east and provincial elections were likely to be completed by May.
He also said the government would soon appoint an interim provincial council as a preliminary step towards holding of elections.
Mr. Ramesh was heading a business delegation, comprising officials from Indian Oil, Oswal, Reliance textile group, Indo-Rama, Vardhaman and Mahindra and Mahindra.
During a business focussed visit to Colombo, an Indian Minister announced that over 2 billion dollars of investment was being lined up from businesses in his country who wished to invest in the island nation.
India’s Union Minister of State for Commerce Jairam Ramesh called on Sri Lankan President Mahinda Rajapakse in Colombo on February 14 and reiterated India’s commitment to provide economic foundation to the 13th Amendment to the island nation’s Constitution for devolution of powers.
He also presided over a timetable for a 5MW power plant in Sri Lanka’s east (see separate story).
In the course of the courtesy call on Mr. Rajapakse, Minister Ramesh said India would strengthen the economic muscle through investments in key areas.
Mr. Ramesh revealed during his visit to the island that investments of 2 billion dollars from business houses in his country into Sri Lanka are at a discussion stage.
"While 220 million dollars worth of Indian investment is already there in Sri Lanka and as much as 2 billion dollars of investments by Indian business houses into the Island country are under discussions," he told reporters after attending an Indo-Sri Lankan Investment Seminar.
Another 360 million dollars of Indian investments in value terms to Sri Lanka are also in the pipeline, the Indian central government Minister said.
The focus of the discussion is on education sector and textiles, the Indian Minister said. The bilateral trade and investments are expected to get a boost after the Comprehensive Economic Partnership Agreement (CEPA), which is likely to be signed by both countries by April this year, he added.
He said, both countries are slated to enter into the CEPA ahead of the SAARC summit, scheduled for July in Sri Lanka.
Mr. Ramesh told the President and Prime Minister Ratnisiri Wickremenayake, whom he met separately, that economic development and integration was a major antidote to terrorism and it would help resolve the ethnic conflict to the satisfaction of all communities.
Mr. Wickremenayake told the Minister that his government was going ahead with the implementation of the Amendment in the east and provincial elections were likely to be completed by May.
He also said the government would soon appoint an interim provincial council as a preliminary step towards holding of elections.
Mr. Ramesh was heading a business delegation, comprising officials from Indian Oil, Oswal, Reliance textile group, Indo-Rama, Vardhaman and Mahindra and Mahindra.
