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.
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| 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.