Sri Lanka's advancement inextricably linked with India: LoP Premadasa calls for more Indian investment

New Delhi [India], November 5 (ANI): Underlining that Sri Lanka's growth process and advancement are inextricably linked with India, the island nation's Leader of Opposition Sajith Premadasa on Wednesday urged more Indian businesses to invest in Sri Lanka, saying that the infusion of Indian capital would pave the way for shared prosperity.

In an interview with ANI, Premadasa, who is on a visit to India, lauded the Indian government for its "fullest support" during the economic crisis, adding that the mutual interest of both countries is to work together.

"It is our sincere opinion that Sri Lanka's growth process and advancement are inextricably linked with India. We already have a free trade agreement. If we improve on it, then we'll provide Sri Lanka with a bigger opportunity and a greater scope to attain a high-value economic growth that results in better sources of income, a higher standard of living, and a sustainable future for our people," he said.

Premadasa urged Indian businesses, industrialists, and investors to establish operations in Sri Lanka."We welcome you with open arms because the infusion of capital, foreign capital, and Indian capital into our economy will result in prosperity, and we believe in prosperity for all," he further said.

When asked whether India is a time-tested friend of Sri Lanka, Premadasa noted that New Delhi emerged as the single largest donor during Sri Lanka's 2022 economic crisis, extending assistance worth around USD 4.2 billion, a contribution he described as invaluable to the country's recovery process.

"The complete breakdown of civil society due to the COVID-19 health emergency and the situation of bankruptcy in 2022, we recognise that India provided its fullest support, and I would like to take this opportunity to thank the Indian Prime Minister Narendra Modi and the people of India," he added.

Sri Lanka's 2022 economic crisis was the country's worst financial meltdown since independence, marked by severe shortages of fuel, food, and medicines, a collapse of foreign reserves, and mass protests that led to the resignation of President Gotabaya Rajapaksa.

India stepped up during the crisis and provided substantial assistance to Sri Lanka, most notably nearly USD 4 billion during the 2022 economic crisis. This includes lines of credit for fuel and food, a currency swap with the Reserve Bank of India and a deferment of payments under the Asian Clearing Union.

Premadasa, who is visiting India at the invitation of the Indian government, met with several senior officials, including Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar.

Talking about his visit, Premadasa said, "We had the opportunity of meeting a sizeable amount of stakeholders who are crucial to the public policy decision-making processes and we had exchanges of ideas."

"We expressed our thoughts, views, and opinions on a variety of issues, and we will ensure that this visit acts as an activity that strengthens the foundation of India-Sri Lanka relations." (ANI)

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