Trade minister Anand Sharma on Friday (03) said a special economic zone and a pharmaceutical center is planned for Trincomalee as part of an effort to double bilateral trade to $10 billion by 2015, according to media reports.
“We have agreed to establish a manufacturing investment zone to manufacture engineering, auto parts for exports to India,”
“In the spirit of partnership we would like to create opportunities in Sri Lanka for value addition, which could be linked to manufacturing in India,”
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| Trade minister of India |
“India is Sri Lanka’s fifth largest foreign investor. Trade between both countries have grown tremendously over the years due to the free trade agreement between both countries,”
“We are global leaders in many fields including pharmaceuticals. We are global leaders in high quality generics. We have ensured not only affordable health care but access to life saving drugs at affordable prices” the Minister said
India accounted for just 4.9 percent of Sri Lanka's total exports in 2011, led by machinery and equipment, animal fodder, spices and garments. Trade between the two countries was worth $4.8 billion in 2011.
Around 120 Indian companies including Indian Oil Corp. (IOC.NS), Ashok Leyland (ASOK.NS), and Bharti Airtel (BRTI.NS) operate in Sri Lanka, according to the Times 0f India.
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