India to establish a Special Economic Zone here

Ishara MUDUGAMUWA

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 minister said.

"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 Lanka.

"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." Amunugama said.

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.