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The Confederation of Indian Industry has recently mounted a CEOs Mission to Sri Lanka with an objective of strengthening bilateral cooperation in trade and business and also to interact with the representatives of the government and Industry on macro issues related to trade and business.
A CII press statement said that it was emphasised at these meetings that both the countries would have to make full use of the existing FTA and the forthcoming CEPA to its mutual benefit and both the countries to take advantage of the natural and historical trade links that exist between both the countries.
Besides trade, India has been strengthening its presence in Sri Lanka in the fields of medicine, information technology, petroleum and power.
On the reverse flow, a few Sri Lankan companies, mainly in the confectionery business, are in the process of setting up shops in India.
South Indian companies could look at trade and investment opportunities in the sectors of healthcare where there is a need for huge healthcare investments into Sri Lanka apart from packaging industry, garments and textile accessories, power, SMEs, consultancy services, motorcycle parts and accessories etc.
Trade between India and Sri Lanka in the current financial year was $1.3 billion and had recorded its highest since the FTA was signed between the two countries. The adverse trade balance, which stood at 15:1 last year, had come down to 4.5:1 this year.
CII has been working closely with the government of Sri Lanka and the Ceylon Chamber of Commerce for several years for the promotion of trade and investments between both the countries.
A joint economic council was formed with the members from the Ceylon Chamber of Commerce and the Confederation of Indian Industry in identifying specific areas of cooperation for furthering economic and trade linkages.
The exchange of CEOs visits is one of the activities under the JEC. In this regard, a business delegation from the southern region visited Sri Lanka between August 30 and August 31, 2004.
The main purpose of this visit was to meet representatives of the government and industry in Sri Lanka and exchange views on macro issues of relevance to trade and business cooperation.
This delegation, led by CII-southern region immediate past chairman K K M Kutty, consisted of companies from various sectors such as healthcare, auto components, logistics services, recruitment consultants, textile accessories and light engineering.