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| Sunday, 14 November 2004 |
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Indian expertise to explore oil and gas A team from India will be in the country next week at the request of President Chandrika Bandaranaike Kumaratunga to discuss the commercial dynamics and other relevant issues relating to exploration for oil and natural gas. The issue of promoting Indian oil products and the possibility of oil exploration around the coast of Sri Lanka was discussed in detail by two of the largest oil conglomerates in India during President Kumaratungas visit last week. As a result the team will be in the country from November 15-20. During President Kumaratunga's visit to New Delhi she had discussions with the leaders of 13 corporate entities reflecting on a wide range of commercial and industrial activities. The Export Import Bank of India (EXIM Bank) the second largest bank in India, one of the eight companies listed on the New York Stock Exchange has made an application to operate in Sri Lanka. The bank would focus on the SME sector as well as promotion of trade value addition and investment. The President welcomed this initiative and said that high priority is being extended in Sri Lanka to the development of the rural sector. The President stated that the FTA between India and Sri Lanka was proceeding smoothly and the volume of trade between the two countries had increased to the extent of US$1.5 billion reversing the trade imbalance between the two countries dramatically. Exports to India have increased from US$ 35 mln in 1998 to US$ 241 mln in 2003. While Indian exports have doubled during that period Sri Lankan exports have increased eight-fold. She said that there was a common resolve between the two governments to inject impetus to the process of further economic integration of the two economies by expediting negotiations on the Comprehensive Economic Partnership Agreement (CEPA) between the two countries. The President said that a successful conclusion was expected soon on the FTA between Pakistan and Sri Lanka and added that the Prime Minister of Pakistan is scheduled to visit Sri Lanka shortly. The representative of a leading tyre manufacturer in India expressed interest in establishing a factory in Sri Lanka while the Chairman of a leading multi national IT company listed on the New York Stock Exchange too is keen to establish a Development Centre in the country. The company has 20 Development Centres across the globe. They are scheduled to make a presentation in Colombo next month. The Secretary General of Federation of Indian Chamber of Commerce and Industry (FICCI) said that the popular films Gladiator and Spiderman were animated in India. The huge Indian film industry is interested in shooting films in Sri Lanka. The development of software games which are gaining popularity worldwide can be extended to Sri Lanka. It was suggested that Sri Lanka should play an active role in a future film and radio entertainment event in India at which the attractions of Sri Lanka as a location for the production of Indian films should be displayed. The Secretary also suggested that Sri Lanka should consider establishing branches of the Indian Institute of Technology(IIT) and the Indian Institute of Management. The participants at the meeting were Chairman Apollo Tyres, Vice Chairman Bharti RTeleventures Ltd, Managing Director Delhi Metro Rail Corporation, Chairman Eicher Group, Chief GM EXIM Bank, Secretary General FICCI, Chairman Godrej Group, Chairman and MD Hindustan Construction Co, Joint MD ICICI Bank, President National Association of Software and Service Company, Chairman Satyam Computers and Chairman Oil and Natural Gas Corporation. The meeting was organised by the High Commission of Sri Lanka in New Delhi and the President was accompanied by Foreign Minister Lakshman Kadirgamar, Power and Energy Minister Susil Premajayanth, High Commissioner Mangala Moonesinghe and other higher officials of the government. |
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