India to assist Sri Lanka in revival of sick textile mills

Earlier during an interaction with the mediapersons Shri Sharma said that India and Sri Lanka will cooperate for modernization and revival of closed mills in Sri Lanka and Indian textile players will establish some manufacturing units also. “Cooperation in Textiles sector is important from the perspective of both the countries as it is a major component of our economic partnership. A delegation of leading textiles industrialists will visit Sri Lanka in the first half of September” Said Shri Sharma.

India is committed to give a big boost to Sri Lanka exports as they will have the preferential access given the principle of asymmetry that has been offered without any expectation of reciprocity. ‘It will be special and differential treatment that will be given.

This is happening elsewhere also. This is how global production lines are created’ said the Minister. He also announced the Indian side of the composition of the Joint Task force. Apart from the official representative there will be representation from Automobile Component Manufacturing Association (ACMA), EEPC, Pharmaxil, CII and Texprocil will be the part of the Joint Task Force.

Referring to his meeting with the Foreign Minister of Sri Lanka Prof G L Peiris, Shri Sharma said that both the side had substantive discussion on a range of issue including rehabilitation and resettlement of those who were displaced during the conflict over the year in Sri Lanka. Shri Sharma said that Indian government will continue to support for building the infrastructure that is desired as a part of the process.

Replying to a query on the status of IKEA application the Minister said that there will be clarity in the guidelines and DIPP is working on the guidelines. Shri Sharma also said

“We have to remember that policy evolution is a continuous process. The policy has just been put in place and now we are learning about it. For example, the SME, once an Indian SME, are engaged with them, the definition of SME may require a change because if you are an SME, and if you have global majors taking from you…