The Indian Minister accompanied by the Sri Lanka's Minister of Economic Development Basil Rajapaksa, and Minister of Industry & Commerce Rishad Bathiyutheen opened the trade exhibition "India Show- Land of Limitless Opportunities" today at the BMICH in Colombo. The three-day exhibition is being organized by the Confederation of Indian Industry (CII) in partnership with the Ceylon Chamber of Commerce from 3-5 August, 2012 at the BMICH. Since 2009, bilateral trade between the two countries has been steadily rising. This year India-Sri Lanka trade reached the US$ 5 billion mark while exports to India stand at US$ 554 million. Recently the International Monetary Fund has suggested Sri Lanka to focus on enhancing trade with India and China taking advantage of those growing Asian economies to boost its declining export earnings and support the economic growth. At the inauguration of the show the Minister Sharma has said that India will help Sri Lanka to establish a Special Economic Zone (SEZ) in Trincomalee to manufacture parts for the Indian auto industry. He has said that India was interested in expanding cooperation in the manufacturing sector and the SEZ will cater to auto manufacturing hubs in India. The Indian Minister has told Indian media that a joint task force will be announced to look into the SEZ and it will submit a report on the proposed venture within three months. During his visit, Minister Sharma, who is accompanied by a high-powered official and business delegation, will call on the President Mahinda Rajapaksa and have meetings with External Affairs Minister Prof. G.L. Peiris in addition to discussions with Ministers Rajapaksa and Bathiyutheen. The two sides will resume dialogue on the proposed Comprehensive Economic Partnership Agreement (CEPA) between India and Sri Lanka to resolve all issues delaying the progress of the agreement. The signing of CEPA will make the current economic engagement more comprehensive by bringing more investment and services into Sri Lanka, the Indian Minister has said promising to give Sri Lanka preferential access to the big Indian market. Despite the many benefits pointed out by Sri Lankan business establishments, Sri Lanka has not yet agreed to sign the CEPA due to the concerns raised by some groups in the country that the CEPA will benefit India more than Sri Lanka. Minister Sharma has also announced the setting up of a pharmaceutical manufacturing hub in Sri Lanka. A high-level team from the governing body of India's pharma industry will visit Sri Lanka within a month, the Minister has assured. Some 108 Indian companies will participate in the 'India Show' which is supported by the Indian Ministry of Commerce and Industry, High Commission of India in Colombo and India Brand Equity Foundation (IBEF). Besides the exhibition, a business delegation from India will also participate at the B2B meetings organized by CII & Ceylon Chamber of Commerce and the inaugural meeting of the 'India-Sri Lanka CEOs Forum' will be held in Colombo tomorrow. Sunil Bharti Mittal, Chairman & Managing Director, Bharti Airtel Ltd, will be leading the Indian delegation for the CEO's Forum.
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