S
ri Lanka will fast-track Indian-backed projects on the island, President Ranil Wickremesinghe assured Indian business leaders following a visit from Indian External Affairs Minister S Jaishankar this week.
“I discussed with Prime Minister Modi the need to accelerate the joint initiatives we’ve agreed upon. We’ve identified the major projects, and Foreign Minister Jaishankar visited today [20] to discuss this further. This marks the new direction we are taking,” President Ranil Wickremesinghe stated.
“It won’t be individual projects anymore. We’ve reviewed a considerable number of them. First is the grid interconnection between Sri Lanka and India to enable the transmission of sustainable energy to India.
“We have the Sampur solar power project, a Government to Government (G2G) initiative, and a three-island project, where we hope to begin groundbreaking in July,” he told Indian business leaders at the 31st All India Partner’s Meet 2024 (AIPM 2024), held at ICT Ratnadipa in Colombo.
Organized by KPMG Sri Lanka and India, AIPM 2024 served as a platform for both nations to reaffirm their commitment to collaborative projects, promising to redefine bilateral relations and boost socio-economic growth.
“It’s a great pleasure and privilege to welcome you to Sri Lanka, in Colombo, for this meeting. It highlights our close friendship and the confidence you have in Sri Lanka.
“Having survived two challenging years, I must acknowledge that India’s $3.5 billion loan made this possible. All of it will be repaid.”
Wickremesinghe emphasized the need to enhance cooperation between the two nations, especially in the energy sector, to foster new development for the Northern region.
“We are looking at developing the Palk Strait for wind and solar energy, with both countries collaborating on a large solar farm for renewable energy. This will also create a new economy for the northern province, which was severely affected by the war.”
Several Indian-backed projects in Sri Lanka have faced delays due to protests and legal challenges.
India is assisting in the expansion of the Kankesanturai port and discussing the development of the Palali and Colombo airports.
The National Livestock Development Board of Sri Lanka, in collaboration with India’s Amul Dairy Company, is working on a project to boost liquid milk production in the country.
The two nations are also considering establishing land connectivity.
Discussions have also focused on expediting the Trincomalee Development Project, which includes industrial investment zones and tourist areas.
“Plans are underway for a multi-product oil pipeline from Nagapattinam to Trincomalee, pending the final observation report. Trincomalee is set to become a hub for oil refining, with port and investment zone developments transforming Trincomalee Port into a significant hub on the Bay of Bengal.
“Today, the entire East Coast is opening up for tourism, with additional land designated for hotels in Galle and southern areas. We also plan to establish more investment zones across the country and expand our professional training programs, collaborating closely with India in these efforts.”
