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India promises to increase investment flows to Lanka

Jaishankar’s visit to the crisis-hit neighbour followed India’s assurance given to the IMF to support the restructuring of Sri Lanka’s debts..reports Asian Lite News

Visiting External Affairs Minister (EAM) S. Jaishankar has conveyed to his Sri Lankan counterpart about India’s commitment to increase investment flows to the financially-strapped southern neighbour to hasten its economic recovery.

“Conveyed our commitment to increase investment flows to Sri Lanka to hasten its economic recovery. Look forward to my discussions with the leadership tomorrow morning,” tweeted Indian EAM following his meeting with Sri Lanka’s Foreign Minister Ali Sabry on Thursday evening.

“A good meeting with Foreign Minister Ali Sabry and other ministerial colleagues this evening in Colombo. Discussed India-Sri Lanka cooperation in infrastructure, connectivity, energy, industry and health,” Jaishankar said.

Sri Lanka’s Foreign Minister also tweeted, “A pleasure to meet with S. Jaishankar, Minister of External Affairs of India in Colombo. Discussed strengthening the bilateral relationship between our nations, people-to-people contacts, trade and investment ties and appreciated India’s steadfast assistance for Sri Lanka.”

Jaishankar’s visit to the crisis-hit neighbour followed India’s assurance given to the IMF to support the restructuring of Sri Lanka’s debts.

Undertaking to restructure debts specially from Sri Lanka’s major creditors — India, China and

Japan — are a prerequisite to obtain IMF’s bridge loan of $2.9 billion — the much needed immediate relief for the debt-ridden country.

Earlier this week, Sri Lanka President Ranil Wickremesinghe informed the Parliament that debt restructuring talks with India and China were successful.

India’s EAM with a high profile delegation from the Ministry is on a two-day visit to Sri Lanka on January 19 and 20.

India lends help to boost connectivity in Maldives

The Hanimaadhoo International Airport Redevelopment Project marks “a historic milestone” in the robust India-Maldives development partnership, EAM S Jaishankar has said.

He was speaking at the groundbreaking ceremony for the project, being constructed under an Indian Line of Credit, on Wednesday. Maldives President Ibrahim Mohamed Solih was also present during the event.

Taking to Twitter, EAM Jaishankar wrote, “Joined President @ibusolih and his ministers and local leaders at the ground-breaking ceremony of the Hanimaadhoo International Airport Development Project.”

Describing the significance of the project, EAM Jaishankar said that it will serve as a link between people of Northern Maldives and the rest of the world. He continued by saying that India is fortunate to be working with the Maldives on this project.

“The rising number of Indian tourists in Maldives is a reflection of our deepening ties and are outcomes of focus on infrastructure and connectivity, especially under the Modi Government,” he added.

EAM Jaishankar also made it clear that India is a committed partner in the Maldives’ journey toward change and development.

Speaking at the event, EAM Jaishankar stressed that increased prosperity requires an improved connection. He added, “It is our endeavour to share India’s experiences, learnings and models as possible templates for others, particularly in the developing world and to promote a universal sense of oneness through enhancing connectivity.”

He added that this project would have a “truly transformative” effect on the economy of northern Maldives by fostering entrepreneurship, growth, and job opportunities, encouraging the growth of the tourism industry, and strengthening related industries like fisheries and logistics, which are essential to the region’s sustainable development.

“This project is also a great example of the vision of decentralization of the Government of Maldives. In India too, we place emphasis on inclusive and equitable development,” he added.

EAM Jaishankar further noted that the Greater Malé Connectivity Project, the social housing initiatives in Malé, the drinking water and sanitation initiatives on 34 islands, and the Gan International Airport Redevelopment Project are all doing well.

He stated that in addition to these significant infrastructure projects, India has also partnered with the Maldives to carry out smaller but highly effective projects and quick-grow community projects.

EAM Jaishankar also mentioned that India has agreed to extend a further grant of MVR 100 million to the Maldives to carry out additional projects for the development of local island infrastructure and the socioeconomic growth of island communities.

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