India ready to help Sri Lanka tap renewable energy, says Nirmala Sitharaman

by Zulfick Farzan 03-11-2023 | 1:22 PM

COLOMBO (News 1st); Sri Lanka must explore expanding its economic basket to include sectors such as energy and pharma, in addition to its signature tea and tourism sectors, said Indian Finance Minister Nirmala Sitharaman.

She delivered the keynote address on the theme of ‘Enhancing Connectivity: Partnering for Prosperity’ at the India Sri Lanka Business Summit, in Colombo on Thursday (2).

In her comments on affordable energy prices, the Finance Minister said that solar and wind power are long-term ventures, and India will be happy to share its experience with Sri Lanka on renewable energy as a case study, as the per-unit cost of solar energy in India has been reduced significantly over the last 6-7 years.

Sitharaman attributed focused policies and clear regulations in India to encouraging a healthy competition among entrepreneurs.

Referring to the meeting between Prime Minister Shri Narendra Modi and President of Sri Lanka Ranil Wickremesinghe in July this year and the adoption of the India-Sri Lanka Economic Partnership Vision, the Finance Minister emphasized that guidance can be taken from the vision document in terms of identifying future areas of economic partnership.

While referring to India’s Digital Public Infrastructure #DPI, the Finance Minister noted that the use of digital technology enabled financial inclusion and transparency in India, facilitated ease of living for the people, and noted that technology is a critical input for scaling up in any business.

Nirmala Sitharaman noted that given today’s global economic context, India and Sri Lanka must engage in strengthening bilateral relations between the two nations and explore policy options which can help minimize risks and volatility emanating from global economic and political developments.

The Union Finance Minister stressed on the fact that a lot of opportunities for investment and collaboration exist and called upon the business chambers to lead the efforts and facilitate greater economic integration between the countries.