'Indian investments to help Sri Lanka achieve higher growth trajectory, create more jobs'

Indian investments to help Sri Lanka achieve higher growth trajectory, create more jobs

New Delhi: Former Union Minister Suresh Prabhu on Friday stressed on further strengthening economic ties with neighbouring Sri Lanka and said Indian investments in the island nation will take it to a higher growth trajectory and create more local jobs.

Addressing a virtual event organised by industry body CII, Prabhu said India wants Sri Lanka to benefit from the former's progress towards the goal of $5 trillion economy.

"India would like to ensure that we make investment in Sri Lanka for the benefit of Sri Lankans... Investments from India will create local jobs in Sri Lanka which will propel Sri Lanka in the higher growth trajectory," Prabhu, who is also India's Sherpa to G20 and G7 summits, said.

He emphasised that India will focus on the green sector in Sri Lanka. Prabhu added that India wants to deepen its economic relationship with Sri Lanka with the partnership of the private sector.

"The government will be the facilitator but the private sector will be the leader," he explained.

The former union minister suggested that the two countries could cooperate in the area of skill development, which would go a long way in generating employment opportunities in Sri Lanka.

Prabhu also said that the two countries should cooperate in setting up High-End Economic Zones in Sri Lanka that could help attract investment into the country and help it become part of the global value chain.

One of these zones, he pointed out it could be dedicated to pharmaceuticals, where Sri Lanka was making rapid strides.

Prabhu also mentioned the scope of medical tourism in Sri Lanka. He also suggested that CII must bring parliamentarians of both countries together to discuss issues related to trade and economy.

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