SL seeks investments from Indian companies

New Delhi, Aug 2: Sri Lanka today invited Indian companies to invest in the island nation, particularly in oil exploration and refining, information technology and apparel and textile sectors.

Sri Lankan Minister for Investment Promotion Navin Dissanayake pitched for Indian investments during his meeting with Minister of State for Commerce Jairam Ramesh here today. Mr Dissanayake hoped that Indian companies would also help in the development of infrastructure in the eastern province of Trincomalee, including the development of the proposed 1,000 acre Special Economic Zone.

Mr Ramesh informed him of the ongoing projects of the Indian companies, including the lubricant plant being set up by Indian Oil. ''The Phase-I of the plant is likely to be commissioned by next month,'' the Minister said, adding that Indian Oil is also looking at setting up a refinery and expanding its network of retail outlets in Sri Lanka.

The Sri Lankan Minister agreed on holding an Investment Expo in the island nation in October-November this year, focusing exclusively on the Indian companies.

Both the ministers agreed that the Expo should focus on two major sectors - Information Technology and Apparel and Textiles. Mr Ramesh said, while National Association of Software and Service Companies (NASSCOM) could pilot India's participation on the IT side, the textile associations could engage on Apparel and Textile issues.

He promised to acilitate active participation of Indian companies in the Expo.

Both the Ministers also discussed the ongoing negotiations on the bilateral Comprehensive Economic Partnership Agreement (CEPA).

Mr Ramesh urged his counterpart to speed up negotiations on the CEPA so that both sides could sign the agreement by October this year. ''Both India and Sri Lanka can sort out the differences and early conclusion of the CEPA would ensure the sustained interest of all the stake holders,'' he added.

UNI