Indo-Lanka trade increased by 50% year-on-year to US$ 5.4 billion

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The Fourteenth Annual General Meeting of the Indo -Lanka Chamber of Commerce & Industry (ILCCI) was held recently at the Taj Samudra, Colombo.

Speaking at the occasion, Chief Guest, Gopal Baglay, High Commissioner of India, said  comprehensive trade and economic ties between the two countries have so far successfully navigated the challenges created by the pandemic, which is reflected by the overall trade value between the two countries which is more than 5.4 billion dollars, whereas India has also emerged as Sri Lanka’s 3rd largest export destination and its 2nd biggest source of imports in 2021. The High Commissioner also said “As there are plenty of businesses to look for opportunities, investors should not only focus on short term requirements, but to also be prepared and collaborate in medium and long term investments to benefit both the countries.” He further expressed the sincerity of the government and people of India on strongly supporting democracy, stability and economic recovery of Sri Lanka and for the support to be continued in future too.

At the proceedings of the 14th AGM, Romesh David was re-elected as  President of the Indo-Lanka Chamber of Commerce and Industry (ILCCI).

Addressing the membership at the AGM, he said, “Bi lateral trade which has grown year on year by almost 50% to 5.4 billion US dollars and given that the balance of trade at 3.8 billion US dollars, remains hugely in India’s favour and there are several areas such as textile and readymade garments where Sri Lanka could benefit from a review of non-aid related trade practices”.

He further said, “On the services front, India remains the largest origin and destination for transshipment cargo through the Port of Colombo and last year accounted for almost 70% of the total transshipment volume in the port. Also, India remains the largest source of inbound visitors and certainly has the greatest potential to rebound faster than any other market, as things get more conducive on the ground here for foreign visitor traffic”.

Muthukumaraswamy Raghuraman, CEO of Brandix Apparel Ltd and Ashish Dubey, CEO of TATA Communications Lanka Ltd were re-elected Vice Presidents of ILCCI. Vish Govindasamy, Group Managing Director of Sunshine Holdings PLC, remains immediate past president. The current Committee of ILCCI comprises Carson Cumberbatch PLC, Hemas Holdings PLC, Indian Bank, Lanka IOC, MAC Holdings (Pvt) Ltd, PGP Glass Ceylon PLC, Sunshine Holdings PLC, TAL Lanka Hotels PLC along with Desamanya Mano Selvanathan as the Founder President of the Indo-Lanka Chamber of Commerce and Industry, the Counsellor – Commercial & Economic of the High Commission of India and the Director General of Commerce of Sri Lanka as the invitees.