The Times of India | 16 décembre 2024
India, Sri Lanka eye deeper trade, investment collaboration
NEW DELHI: The bilateral meeting between Prime Minister Narendra Modi and Sri Lankan
president Anura Kumara Dissanayake marked a notable advancement in
relations, with both nations acknowledging the benefits of the India-Sri Lanka
Free Trade Agreement (ISFTA) and consenting to strengthen trade settlements in
their respective currencies.
The ministry of external affairs' joint statement noted, "The two leaders
appreciated that the India-Sri Lanka Free Trade Agreement (ISFTA) has
enhanced the trade partnership between the two countries while acknowledging
that there is immense potential for further expanding the trade ties Underscoring
the pace of economic growth and opportunities in India as well as the growing
market size and its potential for enhancing trade and investment for Sri Lanka."
The statement continued, "Both leaders agreed that it is now opportune to further
enhance the trade partnership by committing to continue discussions on the
Economic & Technological Cooperation Agreement; enhance INR-LKR trade
settlements between the two countries; and encourage investments in key sectors
in Sri Lanka to enhance its export potential."
The discussions encompassed expanding political interactions, development
cooperation, debt restructuring, and improving connectivity. India's substantial
role in supporting Sri Lanka's economic recovery was highlighted, alongside the
importance of strengthening people-focused initiatives.
Both nations recognised the increased diplomatic engagement over the past ten
years and its positive impact on bilateral relations, agreeing to strengthen
political dialogue at leadership and ministerial levels.
The leaders emphasised the value of regular parliamentary exchanges to promote
democratic principles and share institutional practices.
They recognised India's substantial development assistance to Sri Lanka's
socioeconomic progress. President Disanayaka expressed appreciation for India's
continued project support despite debt restructuring challenges, particularly
acknowledging the conversion of loan projects to grants.
The leaders committed to completing ongoing initiatives including the Indian
Housing Project Phase III & IV, renewable energy projects, and community
development programmes. They agreed to support projects for the Indian Origin
Tamil community and religious site solar electrification while identifying new
development opportunities aligned with Sri Lankan priorities.
The agreement included capacity-building initiatives, featuring training for 1,500
Sri Lankan civil servants through India's National Centre for Good Governance
over five years, with plans to explore additional training in civil, defence and legal
sectors.
President Disanayaka acknowledged India's USD 4 billion support during Sri
Lanka's economic crisis and its role in debt restructuring as Official Creditors'
Committee co-chair. He appreciated India's USD 20.66 million financial
assistance for completed project payments.
PM Modi reaffirmed India's commitment to supporting Sri Lanka's economic
recovery and stability. Officials were directed to finalise the bilateral debt
restructuring memorandum.
The leaders emphasised connectivity improvements, noting the resumed
Nagapattinam-Kankesanthurai ferry service and plans for the Rameshwaram-
Talaimannar route.
They discussed potential collaboration on Kankesanthurai port rehabilitation
using Indian grant assistance.
Both leaders affirmed their partnership's foundation in cultural ties, geographical
proximity and people-to-people connections.
Earlier, Dissanayake expressed gratitude for India's support during Sri Lanka's
economic crisis, saying, "We faced an unprecedented economic crisis some two
years ago and India supported us immensely to come out of that quagmire. It has
also helped us immensely after that, especially in the debt-free structuring
process."
He noted, "I know that Sri Lanka secures a very significant place in the foreign
policy of India. PM Modi assured us full support and he will always protect the
territorial integrity and sovereignty of Sri Lanka."
Dissanayake thanked Indian leadership for their hospitality during his first
foreign state visit from December 15-17, which included discussions at Delhi's
Hyderabad House.
