Sri Lanka has initiated a country strategy for India with an eye on integrating its 'fragile' economy with the Indian economy with focus on eight sectors to boost fortunes.
The Gotabaya Rajapaksa-led government has identified energy, refineries, electricity grid, ports, real estate, tourism and information and communications technology for attracting investments from India, the island nation's envoy to India Milinda Moragoda told ET in an interview.
"India is the biggest economy in the region and Lanka wants to benefit from the Indian growth story," he said. "Lanka can be a springboard for the Indian investors in the region. Our idea is to integrate our economy into the Indian economy for a win-win situation."
Trincomalee oil firm project is one of the concrete initiative that could lead to integration with the Indian energy sector, Moragoda said. Lanka also has requirement for oil refineries and look forward to Indian refiners participation in that sector. Cross-border electricity grid is another area where Lanka is seeking to integrate into the Indian grid, given its limited requirements compared to India. "Few of India's other neighbours have benefitted from this model," the envoy said.
Tourism sector is the lowest hanging fruit and Indian tourists are biggest in number and contributing to Lankan economy's recovery after the pandemic, he said. ITC is setting up its biggest luxury hotel abroad in Colombo. "But it is not just the high-end tourism, Lanka has provision for every type of tourists. We are inviting Indian investments in the tourism sector like real estate and port sectors," said Moragoda who in the past has served as Lanka's tourism minister.
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