The Indo-Ceylon Economic (ICE 4) Dialogue, organised on the sidelines of the ongoing Kerala Business-to-Business Meet 2016, has thrown open new investment opportunities for investors from Sri Lanka and India.

A 32-member delegation from Sri Lanka participated in a panel discussion with the members of the business community here.

Key sectors

PH Kurian, Principal Secretary, Industries & IT, told the meeting that investors from both the countries should take advantage of the cultural similarities. Ayurvedic tourism and food sector are two key sectors where Sri Lanka and Kerala have huge potential for business collaborations, he said.

PM Francis, Director of Industries and Commerce, said the Kerala government had mooted the idea of developing private industrial estates with the participation of foreign investors.

The government is also planning to create a free economic zone for foreign players, especially from Sri Lanka. He said the rubberwood industry, food industry, marine products, spices, coconut products, light engineering and electronics are the sectors where the government is seeking investment from foreign countries.

Value-added products

Addressing investors, Sarath Kahapalarachchi, President, Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL), said India and Sri Lanka have to invest more in high value-added products.

“As the export baskets of both Sri Lanka and India are almost similar, we should take steps to diversify it for the benefit of exports in both the countries,” he said.

He urged Indian authorities to initiate steps to remove trade and investment barriers for smooth business transactions among companies in both the countries.

India is the third largest export destination for Sri Lanka.

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