Sri Lankan Minister for Investment Promotion Shri Navin Dissanayake today expressed his country's keen interest on inviting Indian investments in several areas including Oil Exploration and refining, Information Technology and Apparel and Textile sectors.
In his meeting with Shri Jairam Ramesh, Minister of State for Commerce, Shri Navin Dissanayake hoped that Indian companies would also help in the development of the infrastructure in the eastern province of Trincomalee, including the development of the proposed 1000 acre Special Economic Zone.
Shri Jairam Ramesh informed the Sri Lankan Minister of the ongoing projects of the Indian companies including the Lubricant Plant being set up by Indian Oil.
“The Phase-I of the plant is likely to be commissioned by next month”, Shri Ramesh said. Indian Oil is also looking at setting up a refinery as well as expanding its network of retail outlets in Sri Lanka.
During the meeting, the Sri Lankan Minister also agreed on holding an Investment Expo in Sri Lanka in October-November this year, focusing exclusively on the Indian companies.
Both Ministers agreed that the Expo should focus on two major sectors viz. Information Technology and Apparel & Textiles.
Shri Ramesh informed that while National Association of Software & Service Companies (NASSCOM) could pilot India's participation on the IT side, the textile associations could engage on Apparel & Textile issues.
The Minister promised to facilitate the active participation of Indian companies in the Expo.
Both the Ministers also discussed the ongoing negotiations on the bilateral Comprehensive Economic Partnership Agreement (CEPA).
Shri Jairam Ramesh impressed upon the Sri Lankan Minister the need to speed up the negotiations on the CEPA so that both sides could sign the agreement by October this year.
“Both India and Sri Lanka can thrash out the differences and early conclusion of the CEPA would ensure the sustained interest of all the stake holders”, Shri Ramesh said.
Ministry of Commerce & Industry
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