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‘Made in India’ show in Colombo

PTI - New Delhi

In a bid to increase bilateral trade, joint ventures and investments, over 100 companies across diverse sectors of the domestic industry showcased their latest technologies in the ‘Made in India Show’ in Sri Lanka, organised by CII from May 27-31 at Colombo.

A CII CEOs mission also visited Sri Lanka coinciding with the five-day show being supported by the Indian High Commission in Sri Lanka, Ceylon Chamber of Commerce, Ministry of Industry of Sri Lanka and Commerce and Consumer Affairs Ministry of India, a CII release stated.

The event would also attempt to promote exports of Indian goods and services to Sri Lanka through the line of credit of US$ 100 million extended by the government of India. A conference on ‘WTO, corporate governance and building partnership in IT’ was also held during the show.

The show would serve as a platform to exhibit the best of Indian companies in a large number of sectors. Sri Lanka is ranked as one of the most liberalised economies in South Asia as investors are provided with preferential tax rates, exemption from exchange control, 100 per cent repatriation of profits and constitutional guarantees on investment agreements.

Also, close geographical and political proximity with India has resulted in Sri Lanka being one of the largest trading partners of India. With the signing of agreements on Avoidance of Double Taxation and Investment Promotion and Protection by both countries, huge investment opportunities were in store for domestic companies, CII said.

‘Pak should learn from SL’s FTA experience with India’

India has said Pakistan should take a lesson from Sri Lanka’s experience to strike a free trade agreement (FTA) with India. “The Indo-Sri Lanka free trade agreement had benefitted both countries and should be an example to Pakistan,” the Indian envoy to Sri Lanka, Mr Nirupam Sen, said at the opening of the ‘Made in India’ exhibition here. He said Pakistan feared to enter such a deal with India, believing that Indian products could swamp their market.

“The Indo-Sri Lanka FTA is something that our colleagues in Pakistan should study. They are well advised to inquire into the FTA,” Mr Sen said adding that Pakistan should grant the ‘most favoured nation’ status to India and boost bilateral trade. He said Indo-Sri Lanka trade had risen to US$ 1 billion last year and the trade gap which had favoured India by 15 to one was now down to just under five to one.

The trade exhibition organised by the Confederation of Indian Industry (CII) is the first of its kind in Sri Lanka showcasing Indian industrial products. Mr Sen said there was much more potential to expand the imports and he expected the product range to be diversified. He said the Indian exhibition was conducted at a time when 16 Indian parliamentarians were visiting the island under an inter-parliamentary goodwill mission and when New Delhi was helping the island with its flood relief effort.

The CII chairman Mr Subodhi Bhargava said they were ready to host a similar ‘Made in Sri Lanka’ exhibition in India in a bid to encourage Sri Lankan exports.