India to invest $2 billion in Sri Lanka over 3-4 years

[Ryuzaki]

India will invest $2 billion in Sri Lanka in the next three-four years, Commerce and Industry Minister Nirmala Sitharaman said on Tuesday.

Ms. Sitharaman, who was here for talks on the Economic and Technological Cooperation Agreement (ETCA), called on Prime Minister Ranil Wickremesinghe and later met senior Ministers to discuss the terms of the agreement.

“Of course, there are issues that will have to be sorted out in good detail,” she said, adding that while opportunities exist, it was important to recognise that the negotiations had to be done in detail.

Unsuccessful CECA
The ETCA initiative follows unfruitful negotiations, spanning nearly a decade, on a Comprehensive Economic Partnership Agreement (CEPA) between the neighbours. India and Sri Lanka already have a Free Trade Agreement since 1998.

Both New Delhi and Colombo are keen on signing the ETCA, though there is considerable opposition to it within Sri Lanka, coming both from a section of medical and IT professionals, and from trade unions. Sri Lankan businessmen too have raised concerns over the trade agreement, Ms. Sitharaman said, adding India was “willing to sit and talk to them”. Asked about negotiations over non-tariff barriers, she said India viewed them along with standards, sanitary and phytosanitary measures.

‘One whole market’
On taxation, Ms. Sitharaman said the passing of the Goods and Services Tax Bill made India one whole market. Sri Lanka’s Minister of Development Strategies and International Trade Malik Samarawickrama said the two countries will complete negotiations “as soon as possible”, amid speculation that the pact might be inked by December this year.

The second round of negotiations on the ETCA is scheduled to take place in New Delhi on September 29 and 30.
http://www.thehindu.com/news/intern...in-sri-lanka-over-34-years/article9154839.ece

 

[Sliver]

Any indications as to what the issues were that the SL medical and IT professionals have raised against the ETCA ?

 

[Gibbs]

Any indications as to what the issues were that the SL medical and IT professionals have raised against the ETCA ?

There are legitimate concerns about a flood of cheap labor from India towards these sectors through the opening of services to Indians.. Already Sri Lanka is grappling with huge issues of illegal Indian tradesmen and labor in the Agriculture and manufacturing sectors, Lankan authorities monthly deport dozens of such illegal workers that come using rather lax visa regulations, But that's just the tip of the iceberg because most South Indians blend perfectly well with the local populace especially in the North and the East of the island

Even the Indian Minister of Commerce Nirmala Sitharaman has addressed the issue of Indian cheap labor in the ongoing negotiations

"On ETCA, the main concern was the possibility of cheap Indian labor flooding the Sri Lankan labor market. Seetharaman asked Sri Lankans to look at the positive side of things and said that the inexpensiveness of Indian labor should actually enthuse Sri Lankan entrepreneurs to set up manufacturing facilities in India taking advantage of cheap labor.

On the exchange of services, she said ETCA will not allow Mode 4 involving movement of natural persons across borders. And others issues are being discussed. No pact will be signed without the two parties agreeing to it wholeheartedly, she said."

http://www.newindianexpress.com/wor...-With-Sri-Lanka/2016/09/27/article3631281.ece

 

[somebozo]

India has been investing such imaginary dollars all over south asia for atleast a decade.

 

[gslv mk3]

India has been investing such imaginary dollars all over south asia for atleast a decade.

I think you meant Pakistan.

 

[NKVD]

India has been investing such imaginary dollars all over south asia for atleast a decade.

Not only South Asia But Europe In 2014 alone, investment from India into the UK increased by 64%, and is now almost level with France, the UK's second-largest investor after the US.

www.bbc.com/news/business-34787765

 

[skyisthelimit]

Not only South Asia But Europe In 2014 alone, investment from India into the UK increased by 64%, and is now almost level with France, the UK's second-largest investor after the US.

www.bbc.com/news/business-34787765

No point in teaching ignorants and jealous people. They will find fault in everything.

India has been investing such imaginary dollars all over south asia for atleast a decade.

Koi baat nahi, 300 million to hoga out of 3 billion.

Pls tell us how much Pakistan has done?

 

[el che]

India has been investing such imaginary dollars all over south asia for atleast a decade.

The Sharifs, Nawaz and Raheel can come with the bowl to Delhi to buy 8 single engine fighter planes.