Bilateral talks between Indian Prime Minister Narendra Modi and President Ranil Wickremesinghe ended on a successful note in New Delhi on Friday, with a framework for a long-term economic partnership based on enhancing connectivity between the two neighbouring countries in five key areas.
The two leaders proposed that the connectivity between the two nations be increased in maritime, air, energy and power, trade and economy domains and also people-to-people contact.
There is also a proposal to establish land connectivity between Sri Lanka and India for developing land access to the ports of Trincomalee and Colombo for which feasibility studies will be conducted soon.
The leaders acknowledged that the India-Sri Lanka partnership has been a source of strength in overcoming economic difficulties faced by Sri Lanka and the President of Sri Lanka especially appreciated India’s timely, unprecedented, and crucial support to the Government and the people of Sri Lanka.
The two leaders agreed that India’s sustained and rapid economic growth, and technological advancement coupled with the current phase of stabilisation and economic recovery, reconstruction and growth in Sri Lanka, provides a unique opportunity to forge a closer and deeper bilateral economic partnership between the two countries and enhance growth in the Indian Ocean Region (IOR). The two leaders underlined the cardinal importance of promoting and strengthening connectivity in all its dimensions as the key enabler.
They noted the significant progress already made in terms of air and maritime connectivity, with the commencement of daily Alliance Air flights between Chennai and Jaffna, where the airport will be further developed with Indian assistance. While a cruise liner is already operating between India and Sri Lanka, they agreed that normal ferry services too should begin as soon as possible.
The conclusion of the Memorandum of Understanding (MoU) on cooperation in developing renewable energy would develop Sri Lanka’s significant renewable energy potential, including offshore wind and solar. The two leaders agreed to establish a high capacity power grid inter-connection between India and Sri Lanka to enable bidirectional electricity trade between Sri Lanka and other regional countries.
There will also be future cooperation in green hydrogen and green ammonia through use of innovative technologies. The two countries will cooperate in the construction of a multi-product petroleum pipeline from South India to Sri Lanka. In terms of economic cooperation, the two countries will undertake discussions on an Economic and Technology Cooperation Agreement. The decision to designate INR as a currency for trade settlements between the two countries has forged stronger and mutually-beneficial commercial linkages.
Both countries will mutually promote awareness and popularise India’s Buddhist circuit, and Ramayana trail as well as ancient places of Buddhist, Hindu and other religious worship in Sri Lanka to enhance tourism. India will also seek cooperation with Sri Lanka in the education sphere inclusive of Information Technology.
Both leaders directed the officials concerned to expedite the realisation of this shared vision, which will set the future direction of a dynamic India-Sri Lanka relationship, founded on enhanced mutual confidence and trust.