Sunday, 22nd February 2015
India is Sri Lanka's closest neighbour. The relationship between the two countries is more than 2,500 years old and both sides have built upon a legacy of intellectual, cultural, religious and linguistic intercourse. Relations between the two countries have also matured and diversified with the passage of time, encompassing all areas of contemporary relevance. In recent years, the relationship has been marked by close contacts at the highest political level, growing trade and investment, cooperation in the fields of development, education, culture and defence, as well as a broad understanding on major issues of international interest.
Today, the India-Sri Lanka relationship is strong and poised for a quantum jump by building on the rich legacy of historical linkages and strong economic and development partnerships that have been forged.
Sri Lanka is one of the major recipients of development credit given by the Government of India. Under a line of credit of $167.4 million, the tsunami-damaged Colombo-Matara rail link has been repaired and upgraded. It was handed over during the visit of the Parliamentary delegation in April 2012. Another line of credit of $800 million for track laying and supply of rolling stock to support construction of Medawachchiya to Madhu, Madhu to Talaimannar, Omanthai to Pallai, Pallai to Kankesanthurai railway lines and setting up of signaling and telecommunications systems in Northern Sri Lanka is already operational. The completion of work undertaken under this line of credit is expected by December 2013. Sri Lanka has long been a priority destination for direct investment from India. India is among the four largest overall investors in Sri Lanka with cumulative investments over US$ 800 million.
India was the second largest foreign direct investor in Sri Lanka in 2011, with an investment of US$ 147 million (out of a total inbound FDI of US$ 1057 million).Our main investments are in the areas of petroleum retail, hospitals, telecom, vanaspati, copper and other metal industries, real estate, telecommunication, hospitality and tourism, banking and financial services, IT and food processing (tea and fruit juices).
From : http://www.sundayobserver.lk/2015/02/22/new16.asp
