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Our Bureau

India currently invests about $157 m

Chennai , Aug. 22

India accounts for a major portion of foreign direct investment in Sri Lanka, according to Prof Lakshman R. Watawala, Chairman/Director-General, Board of Investment of Sri Lanka (BOI).

Speaking at a seminar organised by the Confederation of Indian Industry on business and investment opportunities in Sri Lanka, he said that India currently invests about $157 million in Sri Lanka. This represents significant growth from $3.4 million in 1980, which is mostly due to the free trade agreement signed in 1998 between the two nations that allows for zero duty to be paid on the export of 4,232 products to Sri Lanka.

Future Investments

He said that some of the areas where India could look to invest in the future in Sri Lanka includes IT and BPO, tourism, textiles and accessories, automotive parts, components and rubber sector, medical and pharmaceuticals, and education. He said that some of the upcoming zones in Sri Lanka that could represent investment opportunities for Indian entrepreneurs include the 10-acre Katunayake offshore shopping complex and airport related BPO, the Kuruwita gem and jewellery zone, and the 750 acre zone at Sevanapitiya Polonnaruwa.

Incentive Packages

He said that the BOI has two incentive packages, one for the promotion of investment in export oriented projects, infrastructure projects, and other key economic sectors; and the incentive package for the promotion of rural economic development.

Earlier in the meeting, Mr P.M. Amza, Deputy High Commissioner, Sri Lanka, mentioned that currently there were 126 Indian projects in Sri Lanka worth about $400 million. He urged India to take advantage of Sri Lankan expertise in manufacturing of apparel and textiles, tobacco and distilleries amongst others.

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