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Sri Lanka Consulate in Mumbai invited to Indian Merchants Chamber Business Connect 2023

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Indian investments have played a key role towards Sri Lanka’s economic development, said Consulate General of Sri Lanka in Mumbai (CG) Dr. Valson Vethody. He made these observations at the “Business Connect 2023” organised by the Indian Merchants Chamber of Commerce & Industry (IMC) in Mumbai.

CG highlighted India’s large economic footprint in Sri Lanka with around 65 major Indian companies investing across 35 sectors. The purpose of the event was to facilitate the interaction of officials, committee members and members of IMC with the Diplomatic Missions in Mumbai to explore possible opportunities in expanding trade, investment and tourism between participating countries and the local business community of Maharashtra. He highlighted some of the noteworthy investments such as the Adani Group’s port investments of USD 700 million and an additional investment of USD 400 million in the renewable energy sector. He also spoke about how Indian companies already have their mark in all sectors in Sri Lanka such as oil exploration, power generation, hospitals, telecom, banking and financial services, tourism, hospitality, vanaspathi, copper and other metals. CG thanked the Indian investors for investing in Sri Lanka during the most difficult period of Sri Lanka’s political history.

In his address, CG explained Sri Lanka’s 26 bilateral investments, protection treaties and agreements on Avoidance with Double taxation with 45 other countries. He underlined the longstanding multifaceted bilateral ties between Sri Lanka and India and some of the major promotional activities that IMC has successfully completed in collaboration with this Mission. He informed the investors that despite the geopolitically driven political vicissitudes, Sri Lanka has proved its socio-economic resilience by attaining excellent socio-economic indicators with a decent amount of infrastructural development which no other South Asian nations can match with.

He informed the investors of how the Sri Lankan Government has refined the regulatory and legal framework in order to provide special incentives, exemptions, transparency and security to the investors. The Consuls General and representatives of Indonesia. Malaysia, South Africa, Vietnam, Spain, Turkey and the British Deputy High Commission also participated as the speakers for the event.

IMC is a long-standing business association in Mumbai, having been around since 1907.

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