‘Business with India should be reciprocal’
The government has taken steps to facilitate higher trade volumes
between India and Sri Lanka and extends a warm welcome to investors to
set up industries, Finance Minister Ravi Karunanayake told the Annual
General Meeting of the Indian CEO Forum (ICF) in Colombo last week.
“We like to see more Indian investors doing business with Sri Lanka.
The government has formulated a conducive environment and policy
framework to conduct commercial operations in an effective manner," he
said.
Minister Karunanayake said, "We want you to grow your business here
as much as you want but we also want the same reciprocity in India. Our
Customs and tariff barriers will be reduced.
There are a lot of areas that we could basically work together. Our
trade at present is about US $ 5.2 billion."
"There is a heavy import penetration into the local market rather
than manufacturing. I would like to see that change in the next couple
of years. Unlike other countries we are close to each other. We should
move towards a better working relationship which will be beneficial for
both," he said.
Sanjay Tawari was re-elected president of ICF for 2015-16. The ICF
which was formed an year ago to pool resources to further business
interest in Sri Lanka, has a membership of 57. "Our experience so far
has been positive in Sri Lanka.
The ICF was set up, to promote and contribute to the economic growth
of Sri Lanka through Indian investments, to strengthen, safeguard
economic cooperation and forge economic ties between India and Sri Lanka
and to provide an open forum for business leaders of Indian origin
employed with Indian multinationals in Sri Lanka and local business
organisations to further attract investment to Sri Lanka," said Indian
CEO Forum president, Sanjay Tawari.
The relationship between the two countries was further cemented by
the visit of the two Prime Ministers to each other's countries. "We see
business opportunities for both countries and will promote tourism in
Sri Lanka. We also met the Tourism Promotion Board Chairman regarding
this," he said.
- SJ |
