Trade and economic ties between the two countries have so far successfully navigated the challenges created by the pandemic which is reflected by the overall trade value between the two countries which is over 5.4 billion dollars, whereas India has also emerged as Sri Lanka’s third largest export destination and its second biggest source of imports in 2021, said High Commissioner of India Gopal Baglay.
He was speaking at the fourteenth Annual General Meeting of the Indo-Lanka Chamber of Commerce and Industry (ILCCI) in Colombo recently.
“As there are plenty of businesses to look for opportunities, investors should not only focus on short term requirements, but also be prepared and collaborate in medium and long term investments to benefit both countries,” he said.
Romesh David was re-elected as the President of the Indo-Lanka Chamber of Commerce and Industry (ILCCI).
David said, “Bilateral trade which has grown year-on-year by almost 50% to 5.4 billion US dollars and given that the balance of trade at 3.8 billion US dollars, remains hugely in India’s favour and there are several areas such as textile and readymade garments where Sri Lanka could benefit from a review of non-aid related trade practices.”
On the services front, India remains the largest origin and destination for transshipment cargo through the Port of Colombo and last year accounted for almost 70% of the total transshipment volume in the port. Also, India remains the largest source of inbound visitors and certainly has the greatest potential to rebound faster than any other market, as things get more conducive on the ground here for foreign visitor traffic, he said.
CEO, Brandix Apparel Ltd Muthukumaraswamy Raghuraman and CEO, Tata Communications Lanka Ltd, Ashish Dubey were re-elected as Vice Presidents of ILCCI. Group Managing Director of Sunshine Holdings, Vish Govindasamy remains as the Immediate Past President.
The Committee of ILCCI comprises Carson Cumberbatch, Hemas Holdings, Indian Bank, Lanka IOC, MAC Holdings, PGP Glass Ceylon, Sunshine Holdings, TAL Lanka Hotels with Mano Selvanathan the Founder President of the Indo-Lanka Chamber of Commerce and Industry, the Counselor, Commercial and Economic of the High Commission of India and the Director General of Commerce of Sri Lanka as invitees.