India, Sri Lanka to double bilateral trade to $10 billion by 2015

Saturday, August 04, 2012
Colombo: India and Sri Lanka set a target to double the bilateral trade turnover from the existing level to $10 billion by the year 2015, Indian Commerce, Industry & Textiles Minister Anand Sharma said on Friday.

Indian Commerce, Industry & Textiles Minister Anand
Sharma with Sri Lanka's Minister of Economic Development
with Basil Rajapaksa
Sharma was Speaking at the inauguration of “The India Show- Land of Limitless Opportunities” here at Colombo Sharma.

“We have set the target to double the trade to $10 Billion by 2015. Captains of industry have accepted and endorsed it”, said the Minister.

Sharma along with his counterpart Rishad Bathiudeen,  Sri Lanka’s Minister of Economic Development Basil Rajapaksa and Senior Minister of International Monetary Cooperation, Sarath Amunugama inaugurated the event.. 

Sharma, after his discussions with the Sri Lankan leadership in the morning, announced that India will assist Sri Lanka in the establishment of Engineering and Automobile components SEZ which would be located near Trincomalee and will promote exports to the production chains in India. The proposed Engineering and Automobile components hub will also have a Skill Training Institute.

Sharma emphasized that India was not seeking reciprocity in trade and economic relationship with Sri Lanka and assured Sri Lanka of preferential access to the large Indian market.

 “Accepting the principle of asymmetry, that India has always done as the leading economy of South Asia we are not seeking reciprocity”, he added. 

The signing of Comprehensive Economic Partnership Agreement (CEPA) will make the current economic engagement more comprehensive by bringing more investment and services into Sri Lanka.

The minister said that the two Commerce Secretaries will resume dialogue on CEPA, and resolve all related issues.
“India has an abiding commitment in Sri Lanka’s Development and FTA has definitely contributed to the increase in trade”, Sharma said. 

Indian Commerce minister also appreciated the large infrastructure projects being implemented by the Indian Companies including the PSUs in Sri Lanka such as Railway projects and the Sampur Power plant project.

Addressing the inaugural session, Senior Minister Dr. Sarath Amunugama conveyed the greetings of the President of Sri Lanka and on his behalf wished India Show all the success. 
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