India'S Direct Foreign Investment In Sri Lanka Has Grown Phenomenal.
The India - Sri Lanka free trade agreement (FTA) was the first free trade agreement in 1998.
Sign
For Sri Lanka, it carries substantial emotional value.
The two countries can play an important role in the economic relations between India and Sri Lanka and raise bilateral economic relations from the current level to a higher level.
In addition, private enterprises in Sri Lanka also expressed optimism about the outcome of the 2012 partnership summit held in Hyderabad.
Rishad Bathiudeen, Sri Lanka Minister of industry and commerce, said in January 12th, "I firmly believe that India Sri Lanka.
free
The trade agreement is the most significant and innovative India Sri Lanka cooperation, so far we have been on the commercial front. "
The minister spoke at the eighteenth summit of partnership in 2012. The summit was opened with Hyderabad on that day.
India
And a large number of industrial leaders, representing 47 countries, took part in this summit.
Sri Lanka's commerce minister, Bathiudeen, led Sri Lanka delegation to this summit.
He said: "since the India Sri Lanka free trade agreement began operation in 2000, the trade between our two countries has increased in an unprecedented way.
The value of bilateral trade increased from about $650 million in 2000 to over $3 billion in 2010.
I believe the bilateral trade volume will soon reach US $4 billion.
In 1982, India's direct foreign investment began to enter Sri Lanka. At that time, Ashok Leyland decided to build a bus assembly plant under the cooperation of the government.
However, a large number of investment in India began to flow into Sri Lanka in the middle of 1990s.
India has invested in steel, cement, paint and roofing panels.
After the signing of the India Sri Lanka free trade agreement, the development of air traffic and the relaxation of the visas of India nationals, the third wave of investment in India has emerged.
In 2000, India's cumulative investment in Sri Lanka was $24 million, which reached an astonishing $600 million by 2011.
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