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Last Updated : 2024-05-01 00:01:00
16 February 2023 04:31 am - 10 - {{hitsCtrl.values.hits}}
Sri Lanka and India are looking into ways to strengthen their relationship and will step up their efforts with a revised trade agreement and a deal to connect the electricity grids of the two countries.
The negotiations in this regard will begin in two months, Sri Lanka’s envoy to India Milinda Moragoda told Reuters.
Moragoda said the island nation is looking to enhance trade and investments as it moves to close a US $ 2.9 billion loan from the International Monetary Fund.
Since Sri Lanka was struck with the economic crisis that brought the country to an almost standstill, the neighboring giant has extended US $ 4 billion in assistance.
“We have to have growth, otherwise basically the economy will shrink,” said Moragoda. “As far as growth is concerned, India offers that prospect. So, we will have to move on that. Tourism from India, investment from India, integration with India. That’s what we have to do,” he added.
An integral part of Sri Lanka’s economic recovery plan depends on uplifting its renewable energy resources in the Northern province, from where power can be transported into southern India through a cross-border transmission cable.
“We need to have more sources of foreign exchange and electricity will be ideal,” said Moragoda. While Sri Lanka will soon nominate a team for negotiations, the focus on trade enhancement will be in sectors including textiles and garments, a major foreign exchange earner for
Sri Lanka.
Sokrates Thursday, 16 February 2023 09:20 AM
After independence, Sri Lanka was in great economic shape, while India was a poor house. What happens when Sri Lankans are left to their own devices with their culture of corruption, mismanagement, looting and inefficiency is no longer hidden after 75 years. Today the economic shithouse Sri Lanka has to go begging in the "poor house" of India. Perhaps it would be better if Sri Lanka applied to join the Union of India and becomes the 30th federal state. But India would probably politely decline.
Tak Tik Tuk Thursday, 16 February 2023 10:15 AM
Are you retarded? importing Electricity to Sri Lanka? We will go into more debts. Govt should be promoting mini hydro plants village level and solar energy production.
Nadeesha Thursday, 16 February 2023 10:31 AM
This is the worst decision ever In India they face power cuts everyday.
Rehan Thursday, 16 February 2023 10:50 AM
They are talking of export of electricity to India to earn FE.
ks Thursday, 16 February 2023 11:52 AM
it is not importing but exporting refer to "An integral part of Sri Lanka’s economic recovery plan depends on uplifting its renewable energy resources in the Northern province, from where power can be transported into southern India through a cross-border transmission cable."
Lion Thursday, 16 February 2023 12:40 PM
This is a another moron who was barred from holding positions in the government by non other than the Chief Justice of this country
Karalasingam Sivalingam Thursday, 16 February 2023 01:04 PM
India is our best friend, it is imperative to sign many more agreements with India for Sri Lankans to be bailed out from the present economic situation.
India will buy our power at higher prices and we face more cuts Thursday, 16 February 2023 01:17 PM
We are going to have more power cuts, because India is lacking electricity. Or CEB will sell to India at higher tariffs leaving us with even more power cuts.
Sam Thursday, 16 February 2023 08:16 PM
At least India is engaged with Sri Lanka and trying to help, inspite of a billion mouths to feed back home. The world at large doesn't care much about Sri Lanka. India in the last 10 years is a power surplus country with 4 lakh MW installed capacity. There is no requirement for India to purchase electricity from SL right now. May be future needs, but at least it wants to help inspite of so much negative opinion by some sections of Sri Lankans about India.
Prasath Friday, 17 February 2023 11:19 AM
Plz read the article properly its EXPORTING power using renewable energy from North. Looks like a decent project that should continue.
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