India's growth is vital for the region; ETCA crucial to enhance bilateral trade - Ranil

COLOMBO (News 1st); Sri Lankan President Ranil Wickremesinghe believes that India’s growth will be beneficial to the neighbourhood and Indian Ocean region.

He told reporters that he explained to Prime Minister Narendra Modi that he set Sri Lanka firmly on a path of economic reform and that Sri Lanka is already witnessing the stabilizing outcomes of these measures and the revival of confidence internally and externally in the progress of the country.

"I also shared with him the comprehensive proposal I presented this week for furthering reconciliation, power sharing through devolution and the multiple elements of the Northern development plan. I have invited all party leaders in Parliament to work towards consensus and national unity on these measures. Thereafter the Government will place the relevant legislation before Parliament," he said during a joint press conference with Indian Prime Minister Narendra Modi.

Wickremesinghe said that both he and Prime Minister Modi recognized that modern-day connectivity plays a crucial role in realizing the vision of economic partnership. 

- The recent recommencement of Chennai and Jaffna air services is an important step towards air connectivity. 

- Expansion of aviation connectivity to other destinations and further development of Palaly airport will complement this initiative. 

- Ferry services between Talaimannar-Rameswaram and Nagapattinam-Kankesanthurai will add more impetus to sea travel between the two countries. 

- Examining other forms of connectivity between Sri Lanka and India could become a further catalyst to boost economic growth.

The President also said that they agreed that the Economic and Technology Cooperation Agreement between Sri Lanka and India is critical to enhance bilateral trade and investment in new and priority areas. "Sri Lanka is pleased to welcome Indian assistance in digital tech driven service delivery and citizen centric services," said the President.

Enabling UPI based digital payments in Sri Lanka would immensely facilitate further growth in this and other sectors, he added.

He said that Sri Lanka sees valuable opportunities in partnering with India in green and renewable energy development.

"In this context, I am pleased to note the conclusion of the Memorandum of Understanding for Cooperation in the field of Renewable Energy. Establishing the high-capacity power grid interconnection between Sri Lanka and India would enable two-way electricity trade between the two countries. The development of Trincomalee as an energy hub with the support of India is a crucial step towards Sri Lanka’s goal to elevate Trincomalee as a hub for industry and other economic activities. Prime Minister Modi and I believe that the construction of a multi-product petroleum pipeline from Southern part of India to Sri Lanka will ensure an affordable and reliable supply of energy resources to Sri Lanka," noted President Wickremesinghe.

"We also discussed how to improve our cooperation in the dairy and animal husbandry sectors to realize our common interest in achieving greater socio-economic development, and enhance the nutrition status of our people," added the President.

Sri Lanka and India reached several agreements during President Ranil Wickremesinghe's meeting with Indian Prime Minister Narendra Modi at Hyderabad House in New Delhi on friday (21) morning.

The documents exchanged were: 

- Joint declaration of intent in the field of Animal Husbandry between India and Sri Lanka 

- MoU for renewable energy between India and Sri Lanka

- MoU for economic development of projects in the Trincomalee District 

- Network to Network to agreement between NIPL and LankaPay for UPI (Unified Payment Interface) application acceptance in Sri Lanka

- Energy permit for the Sampur Solar Power Project handed over to Sri Lanka