India to invest $2 billion in Sri Lanka in next four years – Sitharaman
India will invest up to $2 billion in Sri Lanka over the next four years in a range of sectors including real estate, energy and infrastructure, its Commerce and Industry Minister Nirmala Sitharaman said on Tuesday.
India is Sri Lanka’s largest trading partner and the South Asian neighbours are considering a broader trade agreement as President Maithripala Sirisena’s government tilts towards New Delhi after his predecessor pursued a pro-China policy.
“In the next two to four years, the total investment interests will rise to $2 billion,” Sitharaman told reporters in Colombo at the end of her visit.
“India has investment interests in a wide range of areas.”
Her visit comes as China, India’s regional rival, presses ahead with a $1.4 billion real estate project next to Colombo’s main port after the Sirisena government, in power since January 2015, briefly suspended it over suspected irregularities.
Latest Headlines in Sri Lanka
- Sri Lanka to launch campaigns to attract 1.5 million tourists – proposal to create non-sleeping cities September 28, 2023
- Danushka Gunathilaka found not guilty of sexual intercourse without consent September 28, 2023
- Sri Lanka’s Ministry of Defence announces updates to licensing conditions for private security agencies September 27, 2023
- Despite signs of stabilization, full economic recovery not yet assured – IMF Mission September 27, 2023
- Sri Lankan President leaves for Germany September 27, 2023