Aug 02, Colombo: India's central government Minister of Commerce, Industry & Textiles, Anand Sharma arrived in Sri Lanka Thursday to inaugurate the business exhibition showcasing Indian businesses and services beneficial to Sri Lanka.
Minister Sharma along with Sri Lankan Minister of Economic Development Basil Rajapaksa and Minister of Industry & Commerce Rishad Bathiyutheen and Minister of International Monetary Cooperation Dr. Sarath Amunugama will open the trade exhibition "India Show- Land of Limitless Opportunities" on August 3rd at BMICH.
The three-day exhibition is being organized by the Confederation of Indian Industry (CII) in partnership with the Ceylon Chamber of Commerce from 3-5 August, 2012 at the BMICH.
The 'India Show' is supported by the Ministry of Commerce and Industry, Government of India, High Commission of India and India Brand Equity Foundation (IBEF).
During his visit, Minister Sharma, who is accompanied by a high-powered official and business delegation, will call on the President Mahinda Rajapaksa and will have meetings with External Affairs Minister Prof. G.L. Peiris, Ministers Rajapaksa, Bathiyutheen, and Amunugama, a statement issued by the Indian High Commission in Colombo said.
The 'India Show' is aimed at promoting two-way flow of goods and services between the two countries, providing a platform for Indian companies to showcase their strengths and capabilities, encouraging Indian investment in Sri Lanka as well as to provide opportunities to the Sri Lankan companies to build business partnerships with Indian companies.
The 12-member CEOs delegation from the Confederation of Indian Industry (CII) led by Rajive Kaul, Chairman, Nicco Corporation Ltd, will participate at the Conference on "Doubling Indo-Lanka Bilateral Trade and Investment within Five Years" organized by CII and the Ceylon Chamber of Commerce on 3 August 2012.
Besides this, a business delegation from India will also participate at the B2B meetings organized by CII & Ceylon Chamber of Commerce.
The India Show, with a participation of over 108 companies will showcase Indian innovations and manufacturing prowess on a wide range of products and services which includes; automobile, engineering, infrastructure, tourism, food processing, information & communication technology, financial services, pharmaceuticals, handloom and handicrafts, education and many more. This strong participation reflects the keen desire of Indian industry to partner in Sri Lanka's economic growth and development.
The concurrent events that will be held during the "India Show" in Colombo includes: three days exhibition, India - Sri Lanka Business Seminar, one to one business meetings, high level CEOs / business delegation, food festival by the Taj Group, wine festival by Agricultural & Processed Food Products Export Development Authority (APEDA) and cultural evening by Indian Council for Cultural Relations (ICCR).
The inaugural meeting of the 'India-Sri Lanka CEOs Forum' will also be held in Colombo on 4 August, 2012. Mr. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Ltd, will be leading the Indian delegation for the CEO's Forum. The establishment of CEO's Forum was part of the Joint Declaration issued during the state visit of Sri Lankan President to India in June 2010.
Bilateral trade between India and Sri Lanka has expanded by a multiple of eight since the Free Trade Agreement (FTA) was signed and reached approximately US$ 5 billion in FY 2011-12. Sri Lanka is India's largest trade partner in SAARC; India in turn is Sri Lanka's largest trade partner worldwide. Both countries have undertaken investments in each other and Indian companies have established a strong investment footprint in Sri Lanka with cumulative FDI approvals of over $700 million since 2003.