Rajapaksa's visit has potential to boost bilateral trade with Sri Lanka: Assocham

Sri Lankan President Gotabaya Rajapaksa's visit to India has potential to impart momentum to bilateral tre and investment ties while leveraging huge geo-cultural commonalities between two nations, Assocham said on Friday. Rajapaksa arrived here on Thursday on a three-day visit, his first overseas tour after taking over reins of Sri Lanka 10 days back, a reflection of importance he attaches to ties with India.

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"We can significantly increase our bilateral tre from present level of about USD 7 billion. Besides, mutual investment can also flourish in a number of areas, including ports, airports, highways, metro rails, telecommunication, petroleum products and hydel power," Assocham President B K Goenka said.

As large global ecomies are becoming more and more protectionist, "it is time neighbouring countries enhance ir ecomic engment and take mutual vant of a vast market, tapping resources of South Asia", he said.

"With a vast metro rail network under implementation in more than 30 cities, India has gained expertise in urban rail projects, which can be offered to Sri Lanka. Cities like Colombo can lever Indian expertise in metro rail, while our large construction firms can furr strengn ir presence in neighbouring country," Goenka said.

Similarly, India's gems and jewellery sector can lever Sri Lanka's enviable treasure of precious stones for third country exports, he ded.

re is a great scope for mutual engment in textile value-ded products, marine products, processed foods along with logistics.  "Some of Indian retail giants can also look forward to opening stores in Lankan cities where people have tastes and choices similar to consumers in India," Goenka said. 

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