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India, Sri Lanka forge strong economic partnerships during PM's Visit

2023-07-24

Indian Prime Minister Narendra Modi announced that India and Sri Lanka will conduct feasibility studies on a petroleum line and land bridge connectivity between the two countries, which has the potential to significantly enhance sub-regional integration in the Indian Ocean Region. This announcement followed talks with Sri Lankan President Ranil Wickremesinghe during his two-day visit to India.

During the meeting, the two leaders unveiled five pacts, including a memorandum of cooperation for economic development projects in Sri Lanka's Trincomalee district and a memorandum of understanding on renewable energy. President Wickremesinghe emphasised that the two countries have agreed on a shared vision to strengthen their economic partnership.

Both leaders emphasised their commitment to widening bilateral relations, with agreements signed on technology, renewable energy, and improved connectivity. They expressed their desire to enhance maritime, air, and energy connectivity between their citizens, as well as to boost mutual cooperation in areas such as tourism, trade, and higher education.

President Wickremesinghe viewed his visit to India as an opportunity to review the bilateral relationship, build upon the historical and cultural ties between the two nations, and foster trust and confidence for their future prosperity in the modern world.

Prime Minister Modi highlighted the significance of Sri Lanka in India's "Neighbourhood First" policy and the 'SAGAR' vision. He affirmed that India and Sri Lanka's security interests and development are closely interconnected, reflecting the importance of a strong partnership between the two neighbouring countries.