India to help Sri Lanka in setting up a auto parts SEZ

India will assist Sri Lanka in the establishment of an Engineering and Automobile components Special Economic Zone, near Trincomalee, on the Eastern coast of the island country.

The proposed zone will also have a skill training institute. This was disclosed in Sri Lanka by Indian Union Minister for Commerce, Industry and Textiles, Anand Sharma. The idea is to promote exports to production chains in India.

Mr Sharma also said that India and Sri Lanka would work together towards the establishment of a pharmaceutical manufacturing hub in Sri Lanka, to capitalise on the vast strides made by the Indian pharma industry in meeting the quality drug requirements worldwide at affordable prices.

It has also been agreed to set up a joint task force, which will submit its report within 90 days and would work on how to set up the two SEZs.

Mr Sharma is on a visit to Sri Lanka to take part in “The India Show - Land of Limitless Opportunities” meet, in Colombo. Speaking at the conference, Mr Sharma said that India was “not seeking reciprocity in trade and economic relationship with Sri Lanka.” He assured Sri Lanka of preferential access to the Indian market.

Source - Indian Express


Source : steelguru.com