Indian industrialists to invest US$ 5 bn in SL Plan to open two industrial zones
Posted on August 4th, 2012

By Mario Andree  Courtesy The Island

Visiting Indian Minister Anand Sharma yesterday announced that his country’s private sector would invest five billion US dollars in Sri Lanka.

Accompanied by 108 Indian corporate heads, India’s Minister of Commerce, Industry and Textiles Anand Sharma said it was time that the two countries looked at strengthening their economic partnership which would be facilitated by the proposed Comprehensive Economic Partnership Agreement (CEPA).

India would provide Sri Lanka preferential access to the large Indian market through the CEPA focusing on sharing the economic prosperity his country was enjoying with its neighbour. Yesterday morning, the visiting Indian minister had several discussions, on setting up two industrial zones in Sri Lanka, in order to increase exports from Sri Lanka.

According to him, there were no complex issues in the Indo-Lanka Free Trade Agreement which could not be solved. He said that the two countries needed to look at CEPA more interactively to achieve high growth rates.

India was ready, he said, to render support to Sri Lanka by preferential access to the large Indian market and also to assist the country financially to share his country’s economic prosperity.

He said the two countries would conduct several meetings on increasing trade and achieving the target of US$ 10 billion, from the current 5 billion, by 2015, utilizing the fullest potential of both countries.

Trade between the two countries had been low, despite the immense potential existing in both markets, he said adding that India was looking for more imports from Sri Lanka and the two governments were negotiating on several agreements which would be finalized shortly.

Sharma said that after the discussions with Economic Development Minister Basil Rajapaksa and Minster of Industry and Commerce Rishad Bathiudeen last morning India had decided to establish two industrial zones in the country to support Sri Lanka in achieving high growth.

He said the two governments decided to establish the two zones to provide employment and also promote exports to India. India wanted Sri Lanka to enter its value chain.

A joint committee will be appointed for the evaluation of an engineering, automotive and manufacturing zone in Trincomalee, Sharma said adding that they would finalise the Indian committee members by last evening.

He also said the country was looking at establishing a pharmaceutical zone in Sri Lanka and pointed out that there was a delegation appointed in that regard and they would arrive in Sri Lanka next month.

4 Responses to “Indian industrialists to invest US$ 5 bn in SL Plan to open two industrial zones”

  1. Susantha Wijesinghe Says:

    SRI LANKA IS BECOMING A SUCKER TO AN INDIAN TROJAN HORSE. THIS IS A PLOY, HEAR ME ?? THIS IS A PLOY.

    ALLOW THE INDIAN CAMEL, TO PUT THE HEAD IN FIRST. THEN IT IS GOING TO BE TOO LATE. SRI LANKA WILL BE
    IN SHIT STREET.

    By the way, can someone please tell me who invited these BUGGERS here, Eh ??

    MEGOLOMANIAC, PRABHAKARANS DREAM IS BEING HATCHED BY THESE INDIAN BUGGERS, WATCH OUT !!!!!!

    IF THESE INDIAN BUGGERS WANT TO ESTABLISH INDUSTRIAL ZONES, IT HAS TO BE IN THE SOUTH, PERIOD. NOT IN THE NORTH, NOT IN THE EAST. REPEAT, NOT IN THE NORTH, NOT IN THE EAST.

  2. mjaya Says:

    Dear People of Sri Lanka

    We need to collectively show our disapproval of Indian expansion
    1. Boycott Indian products (junk medicine, food products with poisonous food additives, etc.)
    2. We need to reestablish our bus manufacturing facilities
    3. We should pressure the media to stop showing worthless Indian movies
    4. Report anyone who may be secretly employing Indian illegal immigrants
    5. Boycott IOC.
    6. Campaign to get rid of the 13th Amendment

    Just to something, no matter how small to save our motherland form Indian cockroaches (including MuDalit!!).

  3. Fran Diaz Says:

    Apart from Laws governing all foreign investors, he spaces to watch in CEPA actions & products are :

    (1) Use ONLY Sri Lankan labor. No more imported Labor.

    (2) Industrial effluent must be cleaned and removed and not allowed to pollute the environment. Clean air & water a must.

    (3) No ‘rape’ of local resources such as our forests.

    (4) Food products : No additives or preservatives. Indian food sold in the west are devoid of additives and preservatives (other than those allowed by the west such as vit C – tocopherol – vinegar & salt for pickles etc.).

    (5) Local District Associations should be formed as watch dogs for illegal migrants as well environmental polluters. Reports should be made to the local media as well as to the Ministries concerned and followed through till remedied. Raise a ruckus for the right things !

    (6) Are we really ready to go into Oil production soon ? What Laws govern the safety of the environment of that region e.g. against oil spills into sea water – what compensation etc. ? The public have a right to know.

    A point to remember :

    – We recall it was Ranil W. as PM, who first brought in the Indians to build Oil storage facilities in Trinco (via IOC).

  4. Marco Says:

    Well worth a read
    http://www.thesundayleader.lk/2012/08/05/regime-change-or-just-a-changing-of-the-guard/
    or
    http://www.colombotelegraph.com/index.php/can-we-return-sri-lanka-to-democratic-government/

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