Wipro joins Indian delegation due here

Wipro, India's third largest IT firm with $ 4.4b revenue in 2011, is the latest to join the high level Indian trade and biz delegation arriving in Colombo next week. "The number of firms in the high level Indian trade delegation arriving next week to coincide with the India Show of August 4-5, has now shot up to 105. Among the latest additions are Wipro, Bosch and Standard Chartered Bank.

The arrival of such a high level delegation for business and trade will strongly enhance the bilateral trade co-operation between Sri Lanka and India," said Minister of Trade and Commerce Rishad Bathiudeen.

Minister Bathiudeen said this wa one of the strongest overseas trade delegations to visit the country this year.

In addition to Indian Commerce, Industry and the Textile Minister Anand Sharma, and Group CEO of Bharti Enterprises, Bharti Mittal, the Commerce Secretary S R Rao, top Indian Department of Commerce officials, top members of Indian Chamber of Commerce and Industry (CII), and business leaders of well-known Indian firms will also be taking part. "A group of CEOs will also come with CIII delegation for the India Show. All are big companies. A panel discussion on 'Doubling Indo-Lanka Bilateral Trade and Investment within Five Years' will be held on August 3 at BMICH," said the Commercial and Economic Counsellor of Indian High Commission in Colombo, M Manish.

Among the latest addition to the list of participating firms are Wipro, Bosch, Nicco Corporation, Ennore Coke, Feedback Infrastructure, Griffith Labs, Standard Chartered Bank, IL and FS Transportation Networks, Shasun Pharmaceuticals, and LifeCell. Previously, Ashok Leyland, Taj Group, Bharat Hotels, NTPC Ltd (largest state owned power utility), Suzlon Energy, Indian Oil Corporation, State Bank of India, TVS Motor Co, Punj Lloyd and Jubilant Life Sciences had confirmed their participation.

John Keels Holdings, AMW, Samson International, Dilmah Tea, CIC Group, Ceylon Biscuits, Hettigoda Group, Brandix Lanka, Laughs Holdings, Bank of Ceylon, Watawala Plantations and the Unit Trust Management Co are among the top Sri Lankan corporates slated to take part in the India-Sri Lanka CEO Forum to be held on August 4. The Ceylon Chamber of Commerce is among the key Lankan entities awaiting to make representations to the Indian delegation during its four day stay in Colombo.

Sunil Bharti Mittal, India's fifth largest dollar billionaire of Airtel fame and the Indian Commerce Minister Anand Sharma are just two renowned among the top Indian delegation coming here.

India was Sri Lanka's topmost trade partner in the world registering $ 4.8b trade (2011). According to the Department of Commerce of Sri Lanka total trade between India and Sri Lanka which stood at $ 672m in 2001 rose to $ 4.871b in 2011. Spurred by the implementation of India-Sri Lanka Free Trade Agreement (ISFTA) in 2000, exports from Sri Lanka to India have increased rapidly over the years rising from $ 70m in 2001 to $ 521.61m in 2011. Though the ISFTA has further strengthened trade and economic relations between the two countries, economic asymmetries of the two economies have also reflected in the overall bilateral trade. 2011 exports to India itself is a 12 percent growth over 2010. The balance of trade between India and Sri Lanka always remained in favour of India.

According to the BoI, Indian investments in Sri Lanka stood at $ 600m by 2011. Today, India is among the five largest overall investors in Sri Lanka. Bharati Airtel (mobile telecommunications), Britannia (confectionary), Lanka IOC (fuel), TATA (steel and communications), Taj Hotels, Ultratech (cement), Ambuja (cement), CEAT (tyres), Piramal Glass and Ashok Leyland (transportation), SBI Bank, Indian Overseas Bank, Indian Bank and ICICI,Jet Airways, Sahara and Indian Airlines, ICFAI (higher education), and First Source IT are top Indian firms operating in Sri Lanka.Sri Lankan companies such as Brandix, MAS Holdings, Damro, Dankotuwa, Carson Cumberbatch, Aitken Spence, John Keels, Colombo Dockyards, DRH Logistics and Freight Links International have established in many sectors in India through trade or investments.

On July 10, Tata Steel, the $ 83b Indian conglomerate Tata Group's Fortune 500 entrant 2012, said that it wants to expand its presence in Sri Lanka further.