“Indo-Lanka bilateral trade increased by over 65% in 2011”
India-Sri Lanka bilateral trade has increased by over 65% last year ,
close to US $5 billion, Indian High Commissioner to Sri Lanka Ashok K
Kantha, said. According to Kantha, Indian companies had invested about
US $150 million in Sri Lanka last year. He said both countries are
witnessing a boom in real estate segment and construction industry,
which provides opportunities for enhanced cooperation.
The construction sector in both countries is likely to grow faster
than broader economy over the next five years, he said, and outlined the
opportunities for Indian companies in Sri Lanka and for Sri Lankan
companies in India.
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Ashok K
Kantha |
Kantha was speaking at ‘India Investrade 2012: An exposition and
buyerseller meet on realty construction and construction materials,’
organised by the Indian Chamber of Commerce, Kolkata, from April 26 to
28.
The event is supported by the Indian Ministry of Commerce and
Industry, and the Sri Lankan Ministry of Construction, Engineering
Services, Housing and Common Amenities, Federation of Chambers of
Commerce and Industry of Sri Lanka and The National Chamber of Commerce
of Sri Lanka.
As many as 50 Indian companies participated in the exposition
showcasing their profile in building materials, construction equipment
and technologies, electrical and sanitary fittings, flooring and roofing
material landscaping, consultancy, property development, financial
service for construction.
The three day event comprised a exhibition, conference and
buyer-seller meet.
The purpose of the event was to promote and facilitate trade and
business engagement in the construction and construction material
sectors, to provide a platform to introduce the Indian entrepreneurs to
their Sri Lankan counterparts and promote the process of business
engagement, exchange of ideas and facilitate G2G, G2B and B2B
interaction on various issues pertaining to the construction industry of
both the countries.
At the inauguration, Basil Rajapaksa, Minister of Economic
Development, said that the Sri Lankan economy has been growing over 8
percent in the past two years, which has resulted in high growth in the
construction sector.
He said that India has achieved a lot in the construction sector and
that Indian companies can play a role in the Sri Lankan market by
partnering with Sri Lankan companies.
Commenting on the India-Sri Lanka Free Trade Agreement, Rajapaksa
said that FTA has been helpful in rapid growth of bilateral trade and
invited the Indian companies to invest in Sri Lanka in sectors like
construction, tourism, education and skill development The Hindu
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