BY R. K. RADHAKRISHNAN – The Hindu –
India-Sri Lanka bilateral trade has increased by over 65% last year, close to U.S. $5 billion, Indian High Commissioner to Sri Lanka Ashok K. Kantha, has said.
According to Mr. Kantha, Indian companies had invested about U.S. $150 million in Sri Lanka last year. He said both countries are witnessing a boom in real estate segment and construction industry, which provides opportunities for enhanced cooperation. Construction sector in both countries is likely to grow faster than broader economy over the next five years, he said, and outlined the opportunities for Indian companies in Sri Lanka and for Sri Lankan companies in India.
Mr. Kantha was speaking at ‘India Investrade 2012: An exposition and Buyer Seller Meet on Realty Construction & Construction Materials,’ organised here by the Indian Chamber of Commerce, Kolkata, from April 26 to April 28. The event is supported by the Indian Ministry of Commerce & Industry, and the Sri Lankan Ministry of Construction, Engineering Services, Housing & Common Amenities, Federation of Chambers of Commerce and Industry of Sri Lanka and The National Chamber of Commerce of Sri Lanka.
As many as 50 Indian companies participated in the exposition showcasing their profile in building materials, construction equipment and technologies, electrical and sanitary fittings, flooring and roofing material landscaping, consultancy, property development, financial service for construction.
The three day event comprised of Exhibition, Conference and Buyer-Seller Meet. The purpose of the event was to promote and facilitate trade and business engagement in the construction and construction material sectors, to provide a platform to introduce the Indian entrepreneurs to their Sri Lankan counterparts and promote the process of business engagement, exchange of ideas and facilitate G2G, G2B and B2B interaction on various issues pertaining to the construction industry of both the countries.
At the inauguration, Basil Rajapaksa, Sri Lankan Minister of Economic Development, said that the Sri Lankan economy has been growing over 8 per cent percent in past two years, which has resulted in high growth in the construction sector. He said that India has achieved a lot in the construction sector and that Indian companies can play a role in the Sri Lankan market by partnering with Sri Lankan companies. Commenting on the India-Sri Lanka Free Trade Agreement, Mr. Rajapaksa said that FTA has been helpful in rapid growth of bilateral trade and invited the Indian companies to invest in Sri Lanka in sectors like construction, tourism, education and skill development.
gamini / April 29, 2012
Yes, there is Development with no tangible effects felt by the masses, as on Sooriyawewa Cricket Stadium, Homben thota Port, Homben thota Airport, Bungalows in the Knuckle Range, Night Races spending Millions illuninating wasting tons of watts of electricity and requesting the masses to conserve electricity, Importing duty free vehicles to the cronies and jacking up the tax for the common man, selling all state land to these Foreign Companies expecting them to invest hoping unemployment will be reduced etc. etc. The masses have to wait for the promise dawn on empty stomachs while the rest are having a good time. Suba Wanagathayak Sri Lanka!
Observer / April 29, 2012
India is another country that, like China, values quantity over quality. India will mass produce garbage and export it to Sri Lanka.
At the inauguration, Basil Rajapaksa, Sri Lankan Minister of Economic Development, said that the Sri Lankan economy has been growing over 8 per cent percent in past two years
Is that why Sri Lanka is so eager to get the IMF loans?
Is that why the rupee keeps depreciating?
muththu / April 29, 2012
According to Mr. Kantha, Indian companies had invested about U.S. $150 million in Sri Lanka last year. He said //both countries are witnessing a boom in real estate segment and construction industry, which provides opportunities for enhanced cooperation. Construction sector in both countries is likely to grow faster than broader economy over the next five years// , he said, and outlined the opportunities for Indian companies in Sri Lanka and for Sri Lankan companies in India.
Is there any connection between the boom in real estate and the acquisition of so-called sacred land?
lmi / April 30, 2012
realty companies in india are now concentrating on their social presence. While marketing and sales is not exactly the priority right now for the social presence, brand awareness, recall and loyalty definitely is. hear is some analysis of how they are doing it – http://livemindinc.com/wordpress/uncategorized/facebook-presence-of-realty-companies-in-india/
Amila / May 2, 2012
Can anyone please do some research to see if there any other country in the world which burrow (Begging) money from other countries or giving a contract to another country just to lay a road, to build a hotel,to import diesel,or even to dispose garbage or to lay a railway track etc,etc,. What is the so called 8% development or investment in relation to borrowing. It’s enough deceiving the people and someone seriously look into these phony deals before country been taken into a complete abyss.
Aughostice / May 2, 2012
hey guys who is that pretty Indian lady???