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Foreign Trade
Sri Lanka Trade Centre opened in Chennai
Our Bureau
A view of the Sri Lanka Trade Centre which was inaugurated in Chennai on Thursday. — Bijoy Ghosh
Chennai
,
Feb. 26
THE suspension of peace talks between the Sri Lankan Government and the LTTE has not deterred foreign investment coming to Sri Lanka, according to Mr Arjuna Mahindran, Chairman, Board of Investment, Sri Lanka. The climate is conducive to foreign investment, he added.
Speaking at the inauguration of the Sri Lanka Trade Centre in Chennai today, Mr Mahindran said that in the proposed Comprehensive Economic Pact Agreement (CEPA) between India and Sri Lanka by March this year, services like tourism and logistics are expected to come into the ambit.
This would further enhance trade relations between the countries. Sri Lanka is likely to enter into a CEPA with Pakistan and subsequently with other SAARC countries, he added.
A number of Indian automotive and pharmaceutical companies have invested in Sri Lanka, according to him.
He also said that trade between Sri Lanka and India had grown after the Free Trade Agreement between the two countries was signed in 1998.
In 2003, Sri Lankan exports to India were about $250 million and Indian exports around $1,000 million.
Mr Ratna Sivaratnam, Chairman of the Sri Lanka Export Development Board, said that in 2003 India had emerged as the third largest buyer of Sri Lankan products next to the UK and the US. Yet, this represented only 0.13 per cent of India's total imports, which shows the huge potential for further trade, he added.
The Sri Lanka Trade Centre showcases Sri Lankan products that are available in the US, Europe and Japan.
It occupies 20,000 sq. ft in Spencer Plaza, one of Chennai's largest malls, and has been custom-designed at a cost of over Rs 1.7 crore.
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