(December, 31, Colombo, Sri Lanka Guardian) The bilateral trade between the Government of India and the Government of Sri Lanka is envisaged to grow to USD 5 billion by 2010.This was stated at a meeting of visiting delegation from India with the Minister of Enterprise Development and Investment Promotion of Sri Lanka. The Minister met a 12 member visiting delegation from the Confederation of Indian Industry (CII), India's leading and principal Chamber of Commerce. The members expressed keen interest to commit investments in Sri Lanka.
According to the Minister, the Free Trade Agreement (FTA) signed with India had markedly boosted bilateral trade between the two countries. India’s exports to Sri Lanka were currently valued at USD 2.25 billion while Sri Lanka’s exports were USD 470 million respectively.
Indian investors are to benefit from provisions and privileges available to them under the Indo-Sri Lanka Free Trade Agreement (FTA).
The delegation expressed their interest in investing in sectors, particularly in steel, education, healthcare, IT and BPOs, construction and ceramics production among others.
The Minister also emphasized the advantages Sri Lanka offers to investors, notably a comprehensive regime of incentives existing under the BOI regime that encompasses a myriad of sectors and economic activities.
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