Nirmala Sitharaman Union Minister for State (MoS) Commerce and Industry, announce that India about to invest 2 billion dollars in Sri Lanka in the next three-four years during her visit to Sri Lanka.
Nirmala Sitharaman visits to Sri Lanka for talks on the Economic and Technological Cooperation Agreement (ETCA) to discuss the terms of the agreement.
To Economic and Technological Cooperation Agreement (ETCA) also seeks to boost cooperation in scientific expertise, technical areas and research amongst institutions between India and Sri Lanka.
Economic and Technological Cooperation Agreement (ETCA) expected to boost standards of goods and services to compete on globalmarket and improve opportunities for manpower training and human resource development.
The ETCA initiative follows unfruitful negotiations on a Comprehensive Economic Partnership Agreement (CEPA) between two countries.
¤ Strengthen and advance the economic, trade, investment and technology cooperation.
¤ Promote further liberalization of trade in goods, trade in services and gradually establish transparent, fair and facilitative trading, investment and investment protection mechanisms
¤ Establish a cooperation mechanism and expand areas of economic cooperation.
The two side deal between India and Sri Lanka in 2015 was 4.6 billion dollars, of which Indian exports were valued at about 4 billion dollars and Sri Lankan exports 645 million dollars.
India and Sri Lanka already have a Free Trade Agreement (FTA) since 1998.
This article is the best source of displaying Economic and Technological co-operation between two South Indian countries India and Sri Lanka.