India and Sri Lanka have adopted a vision document to expand the economic partnership
- IBEF
- July 24, 2023
After a long discussion between Prime Minister Mr. Narendra Modi and Sri Lankan President Mr. Ranil Wickremesinghe, India and Sri Lanka on July 21, 2023, adopted an ambitious vision document to significantly expand their economic partnership.
The Prime Minister also mentioned finalising an agreement for the Unified Payments Interface (UPI) launch, expressing his belief that Sri Lanka will result in a fintech connection between the two countries. He further added that the security interests and development of India and Sri Lanka are interlinked, and it is necessary to work together keeping in mind each other's security interests and sensitivities.
As per Mr. Narendra Modi, the vision document is meant to strengthen mutual cooperation in areas of tourism, power, trade, higher education, skill development, and connectivity. The aim is to improve people-to-people connectivity, maritime, air, and energy connectivity between the two countries.
An agreement on economic and technological cooperation would soon be the subject of negotiations, according to Prime Minister Mr. Narendra Modi. He also hoped that the Tamil community's objectives would be met by the Sri Lankan government.
Furthermore, it was informed that a feasibility assessment for the petroleum pipeline will be carried out between India and Sri Lanka.
"We believe that India's growth would be beneficial to the neighbourhood and Indian Ocean Region," the President of Sri Lanka stated in his remarks.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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