India to establish a Special Economic Zone here
India plans to establish a Special Economic Zone in Sri Lanka. It
will be located near Trincomalee along with a Skills Development
Institute and an Automobile and Engineering Zone, said Indian Commerce,
Industry and Textiles Minister Anand Sharma.
He was speaking at the inauguration of the India Show aimed at
promoting Indo-Lanka trade and investment at the BMICH yesterday.
“We also plan to establish a pharmaceutical hub in Sri Lanka. A
number of pharmaceutical companies will be set up in the country.
Delegates of the pharmaceutical industry in India will visit Sri Lanka
within 30 days to find out investment opportunities in Sri Lanka,” the
"Sri Lanka is the largest trading partner of India in the region. We
plan to double Indo - Lanka bilateral trade and investment within five
years.Trade between the two countries currently stands at over five
billion US dollars. We plan to increase it up to 20 billion US dollars
by 2015."the minister said.
He said two manufacturing zones will also be setup in the country and
create opportunities for Sri Lankans to link with Indian manufactures to
increase exports to the Indian market. This will be a great opportunity
for Sri Lanka as it will generate more jobs for Sri Lankans and help
develop the country.
"A Special Task Force will be set up to make recommendations on the
establishment of Manufacturing Zones. Sri Lankan government will
identify lands to setup these Zones according to the recommendations of
the Task Force." he said.
The relationship between Sri Lanka and India is unique, special, and
based on trust. Both countries have same common political, economic,
social, cultural and other aspects. Senior International Monetary
Cooperation Minister Sarath Amunugama said India is relative of Sri
"So we have a special relationship with India. Sri Lanka is a
investor friendly country. We have completely wiped out terrorism from
the country. Due to the war which prevailed for 30 years, we couldn't
make use of the resources that we have. But now Sri Lanka is developing
rapidly and making vast progress.. The country has created a platform
for both local and foreign investors to showcase their talents."
He also said the government has taken measures to develop
infrastructure facilities, specially in Northern and Eastern Provinces
to provide equal facilities for all citizens, irrespective of their
class, caste and religion.
"Sri Lanka also has a investor friendly geographical situation. Sri
Lanka is a democratic country.
There is no country like Sri Lanka which provides Parliamentary
approval for investments. So it is a great opportunity for investors who
come and invest in Sri Lanka." he said.
Economic Development Minister Basil Rajapaksa, Senior Urban Affairs
Minister A.H.M.Fowzie, High Commissioner of India to Sri Lanka Ashok K
kantha, Industry and Commerce Minister Rishad Bathiudeen, Traditional
Industries and Small Enterprise Development Minister Douglas Devananda,
Ministry Secretary Anura Siriwardane, Ceylon Chamber of Commerce
chairman Susantha Ratnayake, Confederation of Indian Industry president
Rajive Kaul, Director General Chandrajit Banerjee and many other
distinguished guests participated in the occasion.