Long-term investment in Sri Lanka is India’s plan to solve the economic crisis

COLOMBO (News 1st)/ ThePrint; Indian High Commissioner for Sri Lanka Gopal Baglay said that after helping Sri Lanka with an unprecedented around US$4 billion in aid since January, India now plans to invest heavily in newer sectors through local private and public companies to invest.

Indian High Commissioner Baglay, speaking to ThePrint, has already started talks with Sri Lanka’s new government on which sectors the investment will go to.

He said Indian investors, both public and private, will explore opportunities in certain key sectors such as ports and infrastructure, renewable energy, electricity, hydrocarbons, agriculture and dairy, education and information technology, among others.

He said that India’s National Thermal Power Corporation Limited, in cooperation with the Ceylon Electricity Board (CEB), is considering building a solar power plant in Sampur in eastern Sri Lanka near Trincomalee.

Similarly, the High Commissioner said, Sri Lanka has huge potential for solar and wind energy, which can also be exported to India after meeting its own needs.

He said India has also made “strong arguments” for Sri Lanka to come forward to help the country in bilateral talks with the US, Japan and Australia.

Aside from investment, Baglay said both sides are also now working to expedite the conclusion of the upcoming Economic and Technology Cooperation Agreement (ETCA), which will go beyond the existing India-Sri Lanka Free Trade Agreement, which came into force in March 2000.

Latest news

Leave a Reply

Your email address will not be published.