Colombo: Prime Minister of Sri Lanka Dinesh Gunawardena has said that India is the biggest friend of the island nation in times of crisis. Speaking at the Tata Tiscon Dealer Convention 2023 in Colombo, Prime Minister Gunawardena called on Indian companies to invest further in Sri Lanka. He went on to say that India is the biggest friend of Sri Lanka in times of crisis, the Colombo Gazette portal reported.
Prime Minister Gunawardena emphasised that 90% of the components utilised by Lanka Ashok Leyland were indigenous when outlining the advantages of Indian investments in Sri Lanka, the report claimed.
As part of Prime Minister Narendra Modi's "Neighborhood First Policy," High Commissioner Gopal Baglay stated during the event that both the Indian government and Indian corporations are working to develop relationships that are advantageous to people both inside and outside of India, particularly the neighbours.
He continued by saying that Vasudhaiva Kutumbakam's community-focused business practises and ideology served as the inspiration for this spirit of participation (the world is one family).
The High Commissioner remarked that both governments are pushing people-to-people and business-to-business ties, referring to India and Sri Lanka as "civilizational twins."
He went on to say that the convention's attendance by various Indian business organisations was the biggest expression of confidence in both the future of Sri Lanka and the relations between the two nations.
The amount of business and commerce between the two nations is steadily increasing. India was Sri Lanka's top export market as well as its major investor in 2021. India continues to be the top destination for tourists.
Through increasing business activities, the enhancement of goods and services, the creation of jobs for Sri Lankan citizens, and direct help to the people of Sri Lanka through various CSR initiatives, Indian enterprises in Sri Lanka actively contribute to the country's economic recovery.
India has gone above and above just in the last year to support Sri Lanka's faltering economy, which has resulted in shortages of food, gasoline, and even medication.
Given the proximity of the island countries' economic collaboration with China up until that point, Sri Lanka's exceptional economic crisis paradoxically pulled the best out of India's concerns for its southern neighbour. India offered help of $4 billion when the crisis first began to affect the world a year ago.
India has also provided Sri Lanka with the necessary guarantees for the country's urgent need for an IMF rescue package.
In order for Colombo to get the bailout package, Sri Lanka, which is attempting to acquire a $2.9 billion bridge loan from the International Monetary Fund (IMF), was seeking to obtain financial assurances from its key creditors, China, Japan, and India.
As Sri Lanka continues to negotiate with creditors to satisfy the requirements of the international lender for it, the IMF rescue has been postponed.
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