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Sri Lanka seeks investments from India to help tide over crisis

Sri Lankan Deputy High Commissioner D Venkateshwaran said that the nation is looking for investment from Tamil Nadu and other southern states.

Published: 17th May 2022 05:55 AM  |   Last Updated: 17th May 2022 05:55 AM   |  A+A-

Sri Lankan auto rickshaw drivers queue up to buy petrol near a fuel station in Colombo. (Photo | AP)

Express News Service

CHENNAI:  Sri Lankan Deputy High Commissioner D Venkateshwaran has been busy bringing investments into the island nation, which has been plagued by the worst economic crisis since the change of regime.

D Venkateshwaran

“I will be visiting the southern states to woo investments into Sri Lanka. An investor forum is also being planned next month,” said Venkateswaran after Sri Lankan Prime Minister Ranil Wickremesinghe took over the reins from Mahinda Rajapaksa last week.

While Venkateshwaran hailed the Union government’s help in supplying 65,000 metric tonnes of Urea to Sri Lanka for paddy cultivation season, also called Yala season, he says the island nation is now looking for more than doles.

With Sri Lanka getting an aid of $1 billion from India and scouting for additional aid, which could be around another $1 billion, Venkateshwaran says Lanka does not want to be dependent on the doles alone. “We are looking for investment from Tamil Nadu and other southern states,” he said.

Seeking India’s help in wooing investment to his nation, he said the Union government should talk to trade chambers and pharma companies to have a second round of investment there. “These could be fresh investments or value-added investments. They could start manufacturing here and finish the rest in Sri Lanka,” he said. “We are not compelling anyone to invest in a particular area. They can invest in any part of Sri Lanka,” he said. 

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