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Lanka invites Indian investments in infra, energy & manufacturing

International Desk
|  17 Jan 2022, 19:17
Lanka invites Indian investments in infra, energy & manufacturing
Photo: Collected
Indian External Affairs Minister S. Jaishankar held a virtual meeting with Finance Minister of Sri Lanka Basil Rajapaksa on Saturday. This interaction follows Rajapaksa’s visit to India last month.

Both Ministers positively noted the extension of $ 400 million to Sri Lanka under the SAARC currency swap arrangement and deferral of A.C.U. settlement of $ 515.2 million by two months, which would assist Sri Lanka.

The two Ministers reviewed the progress in extending the Indian credit facility of $ 1 billion for importing food, essential items and medicine and $500 million for importing fuel from India.

The Lankan Minister welcomed Indian investments in Sri Lanka in a number of important spheres including ports, infrastructure, energy, renewable energy, power and manufacturing and assured that conducive environment will be provided to encourage such investments


"Jaishankar conveyed that India has always stood with Sri Lanka, and will continue to support Sri Lanka in all possible ways for overcoming the economic and other challenges posed by COVID-19 pandemic. As close friends and maritime neighbors, both India and Sri Lanka stand to gain from closer economic interlinkages," according to a statement issued by the Ministry of External Affairs.

Rajapaksa recalled India’s longstanding cooperation with Sri Lanka and deeply appreciated the gestures of support. In this context, both Ministers noted that the recent steps taken by Lanka for jointly modernizing Trincomalee Oil Tank Farms will boost confidence of investors, apart from enhancing Sri Lanka’s energy security.

Jaishankar brought up the issue of Indian fishermen detained in Sri Lanka. He urged the Government of Sri Lanka to ensure early release of the detained fishermen on humanitarian considerations.


Source: The Economic Times

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