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AP manufacturing resources attract Sri Lankan apparel firm
16
Jan '12
“The third wave of Indian investment followed the Indo-Lanka FTA and the developments in the air traffic and relaxation of visas for Indian nationals. The cumulative Indian investment in Sri Lanka, which stood around mere 24 million US dollars in 2000, has increased to a staggering 600 million dollars by 2011. “

“Today, India ranks within the top 05 foreign investors in Sri Lanka. Several Indian companies such as Indian oil, Bharti Airtel, ICICI bank, Asian paints, Ashok Leyland, etc., have immensely benefited by investing in Sri Lanka. Meanwhile, companies such as Taj Hotels and CEAT have become household brands among the Sri Lankan people. Indian investors have also been enjoying the benefits of the constitutional guarantee of investments, duty-free market access under the ISFTA, Double Taxation and Investment protection treaties.”

“The conquest of Indian investors further triggered during recent past, when major firms such as Primal glass, Fortis Healthcare, Mphasis, TATA communication, First Source IT, Dabur consumer products, Axis Bank etc., expanded their operations into the island. Both Sri Lanka and India have been recording an impressive performance on the tourism front as well. As many as 250,000 Sri Lankans had visited India during the year 2010, while India topped the list of tourist arrivals in Sri Lanka in the same year. India continued to be at the top in 2011 as well recording 138,000 tourist arrivals from Jan. – Oct. 2011.”

This registers a spectacular growth of 45% in comparison to the same period in 2010. Sri Lankans increasingly tend to see India as one of the most sought-after destinations for medical treatments and shopping. Indian cities and Colombo have become an ever expanding air routes in facilitating swift movements towards each direction. Every week, there are over 100 flights between Colombo and Indian cities.”

“Thanks to the visionary and dynamic political leadership of President Mahinda Rajapaksa and our brave armed forces, Sri Lanka today is a highly stable and peaceful country. The dawn of peace has given a new lease of life and hope to all communities in Sri Lanka. Sri Lanka has now reached a high growth phase, both economically and socially” Minister Bathiudeen added.

The Sri Lankan private sector reps in the business delegation were upbeat on the outcome of their visit to Andra Pradesh (AP). Andra Predesh Chief Minister N Kirankumar Reddy said that Andra Pradesh will gladly continue to support Sri Lankan firms entering his State. “You have our fullest support” he said. Sources from the Summit revealed that MAS Holdings, another Sri Lankan apparel giant is also now looking to setup manufacturing facility in AP to resources on the labour and other manufacturing resources that AP offers, to Sri Lankan apparel industry.

Click here to read more details:

Ministry of Industry & Commerce, Sri Lanka


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