India proposes to invest $2 bn in Sri Lanka

India is committed to a closer economic cooperation with Sri Lanka, visiting minister Jairam Ramesh said today, while is stating that investments of 2 billion dollars from business houses in his country into the Island Nation are at discussion stage.

"While 220 million dollars worth of Indian investment is already there in Sri Lanka as much as 2 billion dollars of investment by Indian business houses into the Island country are under discussions," India's Minister of State for Commerce Jairam Ramesh told reporters here at Indo-Sri lankan Investment Seminar.

Ramesh, who is heading a business delegation to Sri Lanka, said another 360 million dollars of Indian investments in value terms to the SriLanka are also in the pipeline.

The delegation comprises of officials from Indian Oil, Oswal, Reliance textile group, Indo-Rama, Vardhaman and Mahindra and Mahindra.

The focus of the discussion is education sector and textiles, the Minister said, adding that bilateral trade and investments are expected to get a boost following the Comprehensive Economic Partnership Agreement (CEPA) that is likely to be signed by both countries by April this year.

He said, both countries are slated to enter into the CEPA ahead of the SAARC summit, scheduled to be in Sri Lanka by July end.

Source: Times Of India