Strengthening trade relations with a powerful country like India will bring great benefits to Sri Lanka’s economy, an official from the Confederation of Indian Industry (CII) currently visiting Sri Lanka said.
“Historical records show that trade relations between Sri Lanka and India have been going on for more than seven hundred years. Historians have said that various regions of India had trade relations with Sri Lanka in ancient times,” a member of this CCI visiting team said.
CII is a non-government, not-for-profit, industry-led and industry-managed organization, with around 9,000 members from the private as well as public sectors, including SMEs and MNCs and an indirect membership of over 300,000 enterprises from 286 national and regional sectoral industry bodies and a delegation in now in North exploring investment opportunities.
At present, India has established its might as a powerful country in the Asian region. India is not only economically and militarily strong but is also technically advanced even to send rockets, (The Chandrayaan-3) to the moon.
India is a powerful and influential country in the Indian Ocean region. India’s strength in many sectors, including defense, economy and infrastructure, is a powerful one compared to other countries in the region.
Fifth largest economy
India is the fifth largest economy in the world. India has been able to progress economically due to the fiscal policy undertaken by Prime Minister Narendra Modi. Despite border issues with countries like Pakistan and China, India’s foreign policy is unique.
“Prime Minister Narendra Modi’s financial policy for the development of the Indian economy will be the best guide for Sri Lanka’s economic development. It is Sri Lanka’s hope today that those foreign and financial policies will help the future of the Sri Lankan economy as well.”
Economists are of the opinion that Sri Lanka can build its economy by getting closer to economic ties with India.
“In order to bring about more economic development in Sri Lanka, both countries should explore more opportunities in trade and commerce.
After the economic crisis in Sri Lanka it is imperative to move Sri Lanka to a more competitive economy. “Only then can Sri Lanka compete with the world and see economic development. That means building a strong economy through green and digital economy.”
“India too is keen to increase economic development with Sri Lanka maintaining closer ties with the Indian business community.”
In order to strengthen Sri Lanka’s economy, it is necessary to maintain close relations with India.
Cooperation between the two countries is crucial to achieving Sri Lanka’s economic objectives and goals. Possibilities of establishing new agreements between the two countries need to be explored and implemented.
Indian Govt. Business community assisted
SL in Crisis
By increasing trade between India and Sri Lanka, a bridge of friendship can be created between the two countries.
“We should never forget that India is a country that has rushed to help the people of Sri Lanka whenever they have suffered on various occasions. It may be recalled that not only the Government of India but also the business community provided assistance to revive Sri Lanka’s economy during a severe economic crisis.”
Sri Lanka is currently recovering rapidly from the financial crisis.
“The support of the Indian government and the business community is essential for the economic and physical development of Sri Lanka.”
There is also a long-standing relationship between the two countries in various matters such as religion, culture and tradition.
India, which is considered as Sri Lanka’s ‘Big Brother’, has always been concerned about Sri Lanka. India has always been Sri Lanka’s friend during the final war period and during the subsequent development phase.
Based on the recent developments between Sri Lanka and India, it seems that India’s concern for Sri Lanka has increased even more than before.
“Recently trend of events shows that the Indian concern towards Sri Lanka’s North and East has been newly formed.
India had provided much aid for the development of the Jaffna Airport, the development of the Northern Railway and the construction of the Kankesanthurai Port. India also helped build the Jaffna Cultural Centre.
While various countries of the world are concerned about Sri Lanka due to its geographical location, it is expected that India’s concern as a foreign country will bring diplomatic benefits to both countries.