Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe have adopted a vision document on Indo-Sri Lanka economic partnership–reflecting India’s “long-term commitment’’ towards the island nation dealing with an unprecedented economic crisis–to strengthen connectivity and fast-track cooperation in energy (including renewables), trade, tourism, power, higher education and skill development.
The two leaders, in their bilateral meeting on Friday, took key decisions including early initiation of talks on the proposed Economic and Technological Cooperation Agreement, increasing air connectivity, speeding up electricity grids connectivity, carrying out feasibility studies on a petroleum pipeline, and a land bridge and boosting fintech connectivity through UPI.
“The vision document reflects India’s long-term commitment towards Sri Lanka,” Modi said in his statement to the media following the bilateral meeting.
Five MoUs and declarations were exchanged during the bilaterals. These include MoUs on renewable energy and economic development of projects in the Trincomalee District, a Network to Network agreement between NIPL and LankaPay for UPI application acceptance in Sri Lanka, an energy permit for the Sampur Solar Power Project for Sri Lanka, and a joint declaration of intent in the field of animal husbandry.
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‘Shoulder-to-shoulder’
Wickremesinghe is on his first visit to India after assuming charge as President in July 2022 and leading his country as it struggled to cope with an unprecedented financial crisis that hit the economy following the Covid-19 disruptions.
The PM drew attention to the challenges that Sri Lankans had to face in the past year and lauded them for facing the crisis with grit. “Being a close friend, India, like always, stood shoulder-to-shoulder with the Sri Lankan people in their time of crisis,” he said.
Wickremesinghe said his country was adopting a number of economic reforms to get out of the crisis and appreciated India’s timely support.
India provided economic support worth $4 billion to Sri Lanka, including lines of credit to purchase essentials such as food, fuel, and medicines.