The Hindu Business Line : Lanka developing SEZs, invites investments

Chennai, July 27 The Sri Lankan Government is developing special economic zones at Triconamalee in the Eastern province and Killinochchi in the Northern province.

Disclosing this, the Deputy High Commissioner for Sri Lanka in Chennai, Mr P.M. Amza, invited the trade and industrial community in the South to invest in the country.

Addressing a gathering at a function organised by the Andhra Chamber of Commerce on Monday , he said, “While the Government has already identified the area in Triconamalee, it is in the process of selecting the right place at Killinochchi.”

The island nation is now laying emphasis on exploring business opportunities in the Northern and Eastern Provinces.

Agriculture (including food processing and dairy), fisheries, infrastructure and tourism are some of the sectors which would offer tremendous business opportunities for Indian industry in these provinces, especially after the end of conflict, he said.

According to him, India had emerged as the fourth largest export market for Sri Lanka in 2008, up from the sixteenth position in 2000. In 2008, the total trade between the two countries exceeded $3 billion. India, with 21 per cent of Sri Lanka’s total imports, is the “number one trade partner to us”.

FTA hopes

Betting on the Free Trade Agreement signed between the two countries that would allow 4,200 products to be traded at zero-duty, Mr Amza said both countries must benefit from each other.

Pointing out that the two countries were in the process of working out a comprehensive economic partnership pact to cover trade and investment, he said the Sri Lankan Government has also decided to resume ferry services between Kochi and Colombo soon.

Earlier, delivering his welcome address, Mr K.B. Narasimha Prasad, President of the Chamber, said trade between the two countries has a history dating back to the pre-colonial era.

“This will only get better as we go forward.”

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