Nath calls for improvement in Sri Lankan investment in food processing, chemicals, textiles

January 19th, 2009 - 8:04 pm ICT by ANI  

New Delhi, Jan 19 (ANI): Union Commerce Minister Kamal Nath today emphasised that there is a scope for further improvement for FDI inflows to India, and added that top sectors in which FDI has been approved from Sri Lanka are textiles, food processing industries, telecommunication, trading, chemicals, paper and leather industries.
During a bilateral meeting with Prof. G.L. Peiris, Minister of Export Development and International Trade of Sri Lanka, here today, Nath said: “The bilateral trade between the two countries stood at US 3457.96 million dollars in 2007-08 (exports - 2826.54 million dollars and imports - 631.42 million dollars), an increase of 27 per cent over the previous year figure of US 2724.08 million dollars.”
The approved Indian investments in Sri Lanka were US 8.269 million dollars in 2006-07 and US 6.936 million dollars during 2007-08.
“During April-October, 2008 FDI flows to India were valued at US 18,707 million dollars as against US 9,277 dollars during the same period last year showing an increase of 102 per cent. This shows that India is a favoured destination for investors despite a slow down in the world economy,” Nath added.
Major Indian companies that have invested/ have joint venutres in Sri Lanka are Indian Oil Corporation, Taj Hotels, VSNL, Watawala tea plantations, Apollo Hospitals, LIC, L&T, Ambujas, Rediffusion, Ceat, Nicholas Piramal, Jet Airways and Ashok Leyland. (ANI)

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