President’s India visit expected to boost stronger economic and commercial ties

Some key announcements regarding stronger economic and commercial ties were expected to be made during President Ranil Wickremesinghe’s two-day visit to New Delhi, authoritative sources said.

President Wickremesinghe left for New Delhi yesterday (20).India’s economic strengths and technological advancements coupled with Sri Lanka’s recovery process lay a strong foundation for forging stronger economic and commercial ties, sources told The Island. There would be some important announcements in this regard, with different forms of connectivity becoming the central point.

“Outcomes and understandings expected along different connectivity dimensions including maritime, air, energy and trade domains. These are poised to boost energy cooperation with particular emphasis on renewable energy, promote business and tourism to Sri Lanka’s advantage through enabling UPI (Unified Payments Interface) based digital payments, dairy cooperation, among other areas,” an official involved in making arrangements said.

“Some multi-sectoral grant packages could also be announced,” he said, adding that President Wickremesinghe was scheduled to meet President Droupadi Murmu and Prime Minister Narendra Modi. He is also expected to meet EAM Dr. S. Jaishankar and National Security Advisor Ajit Doval.The visit takes place during the 75th year of establishment of diplomatic ties between the two countries.

India extended unprecedented support to Sri Lanka in 2022. India was also the first official bilateral creditor of Sri Lanka to convey written financing assurances to International Monetary Fund, which paved the way for the IMF package.

New Delhi plays a critical role in the economic recovery of Sri Lanka. India is currently Sri Lanka’s largest trading partner, source of investments as also tourists. Although India is not a member of Paris Club, it co-chairs with Japan and France the Creditors’ Committee on Sri Lanka’s debt restructuring.India has indicated in the recent past that it will focus on investments in Sri Lanka to catalyse economic progress and prosperity in the country, sources said.