General
Sri Lanka awaiting RCEP admission mechanism
ECONOMYNEXT – Sri Lanka’s President Ranil Wickremesinghe’s Chief of Staff Sagala Ratnyaka, and Indian Foreign Indian Foreign Secretary Vinay Kwatra had dscussed discussed timely implementation of projects, during a visit to New Delhi, a statement said.
Kwatra “emphasized that the current juncture presents an opportune moment for both countries to advance agreed-upon projects, attributing this progress to the strategic vision of President Ranil Wickremesinghe,” the statement said.
Ratnayake had underscored “importance of enhancing economic integration with India through improved connectivity, reflecting on the historical ties that bind the two nations as the closest neighbour.”
“During the discussions, both sides conducted a comprehensive review of all bilateral projects, focusing on their timely implementation,” the statement said.
“It was mutually agreed to engage in this review process on a quarterly basis, demonstrating a commitment to ensuring effective progress in bilateral economic cooperation.”
India gave billions of dollars in loans to Sri Lanka in the last currency crisis, when other funding dried up.
India’s Adani group has sought to build wind farms in Mannar and Pooneryn in the North without competitive tender, and the projects have been delayed after the initial high prices demanded from Ceylon Electricity Board.
A joint venture solar plant, between India’s state-run National Thermal Power Corporation and Ceylon Electricity Board is also pending.
A fuel pipeline between India and Trincomallee by Indian Oil Corporation has also been mooted.
A ferry service between India and Sri Lanka is also being organized. (Colombo/Mar30/2024)
