Colombo, Aug 04: Highlighting India’s unbinding commitment to be a friend and a partner of Sri Lanka, India’s Union Minister of Commerce, Industry & Textiles, Anand Sharma said that India has set a target to double the trade turnover from the existing level to $10 billion by 2015.
Addressing a gathering at the inauguration of “The India Show- Land of Limitless Opportunities” at Colombo, Sharma said, “We have set the target to double the trade to USD 10 Billion by 2015.”
After the meeting with the Sri Lankan leadership, Sharma assured full assistance to Sri Lanka in the establishment of Engineering and Automobile components SEZ, near Trincomalee. The proposed SEZ will also have a Skill Training Institute.
The Minister also announced that India and Sri Lanka will work together towards the establishment of a Pharmaceutical manufacturing hub in Sri Lanka. It was also agreed to setup a Joint Task Force which will submit its report within 90 days and would also work on the implementation of establishment of the two SEZs.
Highlighting the global trend of formation of regional trade blocks and bilateral Economic Agreements, Sharma underlined the need for economic integration within South Asia, which could be part of larger Asian trade and economic architecture.
“Accepting the principle of asymmetry, that India has always done as the leading economy of South Asia we are not seeking reciprocity,” the Minister added.
The signing of Comprehensive Economic Partnership Agreement (CEPA) will make the current economic engagement more comprehensive by bringing more investment and services into Sri Lanka.