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‘India to invest $2 bn in Sri Lanka in 4 yrs’

India is Sri Lanka's largest trading partner and both countries are considering a wider bilateral trade treaty

Policy Pulse
Publish Date: Sep 28 2016 12:36PM | Updated Date: Sep 28 2016 12:36PM

‘India to invest $2 bn in Sri Lanka in 4 yrs’

 India will invest around $2 billion in Sri Lanka in next four years in several sectors including energy, real estate and infrastructure, Commerce Minister Nirmala Sitharaman has said.

 
"In the next two to four years, the total investment interests will rise to $2 billion," Sitharaman told reporters in Colombo.
 
India is Sri Lanka's largest trading partner and both countries are considering a wider bilateral trade treaty. 
 
After meeting with Sri Lankan Minister of international Trade Malik Samarawickrema Sitharaman said that Sri Lanka's decision to scrap a joint venture coal power plant project will not dissuade India's future investment plans in the country.
 
"India understands Sri Lanka's need to move from coal power to more renewable power generation sources," she told reporters.
 
The planned Economic and Technological Cooperation Agreement (ETCA) and issues regarding the existing free trade agreement (FTA) between India and Sri Lanka were discussed in these talks.