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| Sunday, 25 September 2005 |
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India an excellent economic model - PM The Made in India Show organised by the Confederation of Indian Industry (CII) jointly with the High Commission of India will end tomorrow at the BMICH. It has 76 stalls. It showcases a cross section of corporate India which includes the capabilities of the small, medium and large sectors reflecting the changing face of India, its economy and industry. As a part of the second Made in India show various other activities such as a 12-member business delegation, an India evening, one to one business meetings and a seminar to promote trade and investment were organised. Recognising the importance of education a highlight of this year's event is the Education Pavilion 'Aspirations'. The organisers said that it would provide an ideal opportunity for interaction between the representatives of best universities and colleges in India and the students in Sri Lanka who wish to pursue education in India. The education pavilion has 19 stalls. Prime Minister Mahinda Rajapakse told the opening ceremony that in the years to come Sri Lanka's economy will become more and more integrated with that of India as well as with the economies of south Asian neighbours. In 2004 India's exports to Sri Lanka touched US$ 1,350 million while our exports to India were only US$ 382 million. Therefore to strengthen the economic partnership between the two countries we must explore opportunities to increase exports to India so that we may achieve a more even balance of trade between the two countries. India has made great strides in agriculture, industry, technology, reforms and therefore India is an excellent economic model for us to follow the Prime Minister said. High Commissioner of India in Sri Lanka Nirupama Rao said that with specific focus on Education, a separate pavilion called Aspirations was created for the first time at the Made in India show. The High Commissioner emphasised that knowledge is the key to economic success. India is one of the main drivers of the knowledge revolution and this is an area where India can engage Sri Lanka in mutually beneficial partnerships, she said. On trade relations between the two countries, she said after the signing of the Free Trade Agreement (FTA) bilateral trade crossed the US $ 1 billion mark in 2002. The bilateral trade figure for 2004 touched US $ 1,732 million with Indian exports amounting to US $ 1,350 million and Sri Lanka's exports amounting to US $ 382 million. There is immense scope for the trade volume to increase in the context of the Comprehensive Economic Partnership Agreement (CEPA), which the two countries are in the process of negotiating. CEPA is expected to carry forward the FTA and take the two economies beyond trade in goods towards greater integration and impart renewed impetus and synergy for bilateral economic interaction. SG |
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