Indian business supports Sri Lanka Expo 2012

A large number of Indian businessmen are visiting Sri Lanka Expo 2012.

According to Export Development Board officials, the Indian contingent which consists of over 200 participants is one of the largest at EXPO 2012.

The participation of the Indian business delegation at EXPO 2012 is being supported by the Confederation of Indian Industry (CII), Southern Gujarat Chamber of Commerce and Industry, Indian Importers Association, All India Rubber Industries Association, Andhra Chamber of Commerce and India - ASEAN - Sri Lanka Chamber of Commerce and Industry.

Apart from visiting EXPO 2012, the Indian delegation had a wide range of meetings at EXPO with members of the Ceylon Chamber of Commerce, Federation of Chambers of Commerce and Industry of Sri Lanka and other Chambers.

The CII delegation met Industry and Commerce Minister Rishad Bathiudeen on March 29.

The CII delegation reiterated the commitment of Indian Industry towards Sri Lanka as a priority destination for Indian investment and that they would strive to take forward the trade and economic relations between the two countries to a new level. In his remarks,

Deputy High Commissioner P. Kumaran said that the economic and commercial relations between the two countries have reached a new peak in 2011, with bilateral trade between two countries almost touching the US$ 5 billion mark.

He noted that India was a leading Foreign Direct Investment source for Sri Lanka for the past two years; with about 150 million USD in 2011.

As a follow up of the meetings with Minister Bathiudeen in December 2011 at Colombo & again in Hyderabad (India) in January 2012, CII once again reiterated their offer to assist the Government of Sri Lanka in identifying and developing investment proposals trough a consultancy firm; providing support by mobilizing experts for capacity building of Self Help Groups (SHGs) and facilitating enterprise creation for micro entrepreneurs; offer of training 200 Sri Lankan students in a 10-week programme on Software Testing for IT Diploma Holders from Sri Lanka at the Infosys Campus in Mysore. CII offered their assistance in disseminating information regarding the opportunities available for investment in manufacturing pharmaceutical products in Sri Lanka.

Minister Rishad Bathiudeen also met the members of All India Rubber Industries Association on March 29 and during the discussions, the president of the Association informed that they were ready to import raw rubber from Sri Lanka and also offered to set up an export-oriented synthetic rubber manufacturing plant in Sri Lanka.

The members of the Southern Gujarat Chamber of Commerce and Industry also called on minister Bathiudeen and signed a Memorandum of Understanding (MoU) with the Federation of Chambers of Commerce of Sri Lanka (FCCISL) for cooperation between the two Chambers.

South Gujarat Chamber of Commerce and Industry president Rohit Mehta and FCCISL president Kumar Mallimaratchi signed the agreement.

The MoU provides for exchange of information; sharing of newsletters to update each other on various developments taking place in their countries; providing website linkages; encouraging strategic alliances and exploring possibilities to develop business linkages; development and improvement in quality and competitive standards with respect to various products; and exchange of business delegations.

South Gujarat Chamber of Commerce and Industry operates from Surat (Gujarat), which is the international hub for cutting and polishing of diamonds, gems and jewellery. The members envisaged keen interest in working closely with Sri Lanka in sectors of interest, including diamond, gems and jewellery, agro processing, manufacturing and engineering. Gujarat is one of the fastest-growing States in India and linkages of Sri Lankan companies with their partners in Gujarat will help in diversifying Sri Lankan export outreach to Western part of India.

The High Commission of India in cooperation with Indo-Lanka Chamber of Commerce and Industry and Indian CEOs Forum in Sri Lanka organized an Indo- Lanka Business Forum at Taj Samudra on March 29 for the benefit of the visiting Indian business delegation.

The forum was attended by members of Indo-Lanka Chamber of Commerce and Industry and officials from Department of Commerce and the Ceylon Chamber of Commerce. During the forum, opportunities available for Indian business in Sri Lanka were highlighted, with special emphasis on tourism and hospitality sector.