Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
InFocus Analysis

Modi's Voyage to Sri Lanka Shows some Long Term Prospects

author-image
SMEStreet Desk
15 Mar 2015 05:46 IST

Follow Us

New Update
Modi's Voyage to Sri Lanka Shows some Long Term Prospects

In last ten months, we have witnessed great action from the Indian leadership on global turfs such as USA, Australia, Brazil and so on. However, Prime Minister Narendra Modi’s interest in the coming closer to India’s neighborhood has an even deeper meaning.

Earlier this week, while addressing the Ceylon Chamber of Commerce, prime minister Modi pointed out that India's large economic size should not be a cause of worry as a stable and peaceful neighbourhood is needed for development and progress.
While emphasizing on the scope and potential of cooperation among South Asian nations would be of huge benefit to all members and pushed for India and Sri Lanka to ink the long-pending Comprehensive Economic Partnership Agreement (CEPA).

Addressing the business persons -- including those from India, Modi, who arrived here Friday morning, said economic cooperation "is often the locomotive that gives momentum" to a relationship.

"There are many in India who would argue that India is too large to need her neighbours. There are many in our region who worry that India's economic size will hurt them. I disagree with both views. For one, we all need a stable and peaceful neighbourhood to concentrate on national development," he said.

Modi said the South Asian region is rich in resources and comprises a large market, and cooperation among members would be of huge benefit to all.

He said "size is no constraint to beneficial partnerships if we use our strengths and seize our opportunities" and cited the example of cooperation with Bhutan in hydropower and with Nepal in manufacturing exports.

Modi said with the coming of the NDA government in last May, a "transformation" has been unleashed in India.

"Last quarter, India was the fastest growing global economy. We are confident that we can grow even faster...The world's engagement with India is at a new level. But, the first claim on us should be that of India's neighbours," he said and added. "India will do its part for the region."

He said India will work to make trade smoother and invest in regional connectivity.

"As a friend and neighbour, we attach the highest importance to Sri Lanka's economic progress," he said and cited Sri Lanka's great strengths including education, skills and peace.

He said despite Sri Lanka's exports to India having grown 16 times there are concerns about the huge trade imbalance.

Modi said India is prepared to work with Sri Lanka to address concerns.

"I want balanced growth in trade. We will try to make it easier and smoother for you to access the Indian market. That is part of my philosophy of ease of doing business in India. Our agreement on Customs cooperation is a step in that direction," he added.

He said India has Free Trade Agreements with ASEAN and others countries and added that India and Sri Lanka "should move boldly to conclude a Comprehensive Economic Partnership Agreement".

The CEPA has been in the works for several years but negotiations have proved futile. The Sri Lankan services sector has voiced apprehensions over perceived advantage it handed to India.

He said the $1.6 billion that India has provided in development partnership has helped rebuild and upgrade infrastructure in Sri Lanka.

India offered a fresh Line of Credit of $318 million for the railways sector. The Reserve Bank of India has also agreed to provide Central Bank of Sri Lanka a currency swap arrangement for $1.5 billion.

"We should engage more," Modi said.

Sri Lanka Narendra Modi Comprehensive Economic Partnership Agreement Ceylon Chamber of Commerce
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!