Sri Lankan ventures draw Indian industrialists’ interest
Several Indian industrial financiers are interested in Sri Lankan investment projects, ranging from mega infrastructure to smaller outlays, Minister of Industry and Commerce Rishad Bathiudeen noted recently.
He made this statement after a 10 member delegation of India’s Confederation of Indian Industry (CII) met the minister, and expressed its new investment and funding plan for Sri Lankan infrastructure projects.
Praful Kumar Mutha – Director of Mohan Mutha Exports and leader of the CII delegation to Sri Lanka – observed: “Sri Lanka is becoming a preferred destination for Indian investors due to its similar climate and close proximity to India. We are also keen on showcasing Indian expertise in Sri Lanka through large-scale projects.”
CII is India’s second largest industry chamber with over 9,100 direct and 300,000 indirect membership firms from 291 national and regional bodies, including the private and public sector, SMEs and multinationals.
Reports indicate that Sri Lanka’s placement on the second positive group A2 of seven grades on the Positive List of Countries for Buyer’s Credit under India’s National Export Insurance Account (NEIA) by India’s Export Credit Guarantee Corporation (ECGC) is an attractive positioning for investors who are keen to venture in to the island.