New Delhi, Nov 4 (NationPress) On Tuesday, NITI Aayog welcomed a prominent delegation from Sri Lanka, headed by the Leader of Opposition, Sajith Premadasa.

In his introductory remarks, Premadasa praised India’s remarkable progress over the last 11 years under Prime Minister Narendra Modi and expressed a keen interest in understanding how NITI Aayog functions as a policy think tank that connects long-term policy formulation with practical execution.

NITI Aayog's Vice Chairman Suman K. Bery shared insights about India's economic evolution, emphasizing the need for enhanced partnership between the two nations. The discussion included valuable insights into India’s policy framework and its transformative efforts in infrastructure and economic collaboration.

In conclusion, the Vice Chairman emphasized NITI Aayog's ongoing pledge to bolster regional collaboration and promote mutual development goals with Sri Lanka, as agreed upon by both governments through official diplomatic channels.

India stands as Sri Lanka's largest trading partner, having been one of the first nations to sign a Free Trade Agreement (FTA) with Sri Lanka. Recently, a high-level Sri Lankan delegation, led by Minister of Trade Wasantha Samarasinghe, visited India.

Samarasinghe highlighted that while Sri Lanka imports numerous consumer goods from India, the latter has also significantly supported the island nation during challenging times. He noted that efforts are underway to rectify the trade imbalance by leveraging provisions in the existing trade agreement to boost Sri Lankan exports to India. Plans are in motion to enhance shipments of garments, textiles, tea, and other products to the Indian market.

According to the Department of Commerce, the merchandise trade between India and Sri Lanka reached an impressive $5.5 billion in FY 2023-24, with India exporting $4.1 billion worth of goods while Sri Lanka's exports totaled $1.4 billion. This bilateral trade is further supported by various lines of credit and a credit facility for essential item procurement.

India is also a significant provider of Foreign Direct Investment (FDI) in Sri Lanka, amounting to approximately $2.2 billion as of 2023. The primary investments are concentrated in sectors like energy, hospitality, real estate, manufacturing, telecommunications, banking, and financial services. Future priorities include accelerating critical projects in vital sectors such as energy, ports & shipping, renewable energy, and defense supplies, according to an official statement.