Long-term investments in Sri Lanka are India’s plan to fix economic crisis

COLOMBO (News 1st)/ ThePrint; Indian High Commissioner to Sri Lanka Gopal Baglay said that after helping Sri Lanka with an unprecedented assistance of around $4 billion since January, India is now planning to invest heavily in newer sectors through both private and public firms there.

The Indian High Commissioner speaking to ThePrint, Baglay said that discussions with the new government in Sri Lanka have already begun regarding which sectors the investments will be coming in.

He said Indian investors, from the public as well as private sectors, will explore opportunities in certain key sectors of ports and infrastructure, renewable energy, electricity, hydrocarbons, agriculture and dairy, education and information technology, among others.

He said the National Thermal Power Corporation Limited of India is looking at establishing a solar power plant in Sampur in eastern Sri Lanka near Trincomalee, under a joint collaboration with the Ceylon Electricity Board (CEB).

Similarly, the high commissioner said, Sri Lanka has huge potential in solar and wind energy, thus that can also be exported to India after meeting its own requirements.

He said India has “made a strong case” for Sri Lanka in bilateral talks also with the US, Japan and Australia for coming forward to help the country.

Apart from investments, Baglay said both sides are now also working towards expediting the conclusion of the pending Economic and Technology Co-operation Agreement (ETCA), which will “go beyond” the existing India-Sri Lanka free trade agreement that came into force in March 2000.