India-Sri Lanka Forge Strong Economic Ties with improved connectivity; UPI adoption, power grid interconnection, and more to bolster cooperation.
India and Sri Lanka forge strong economic ties, emphasizing improved maritime, air, energy, and financial connectivity. The collaboration includes Sri Lanka adopting India’s Unified Payments Interface (UPI) system, a power grid interconnection for electricity trade, a petroleum pipeline construction, and discussions on an Economic and Technology Cooperation Agreement to enhance economic ties.
PM Modi, Sri Lankan President Ranil boost ties, unveil a new economic partnership https://t.co/s08M4ticmt via @Rezhasan
— K K R (@ramankk92) July 22, 2023
India-Sri Lanka Strong Economic Ties:
In the coming months, India’s NPCI International Payments Limited (NIPL) and Lanka Pay will work together to enable UPI acceptance in Sri Lanka. Additionally, the Trincomalee oil tank farms will serve as a pivotal regional hub for industry and energy under this economic partnership. India has pledged unwavering support to Sri Lanka during its economic difficulties and expressed a commitment to fulfilling the aspirations of the Tamil minority. The collaboration aims to strengthen cooperation in various sectors, including tourism, power, trade, and education.
Read more:- ‘New age policies needed for new age workers’ says PM Modi at G20 Indore meet.
Bilateral Cooperation Prevails:
Despite certain challenges, such as the rejection of a devolution proposal by the Sri Lanka Tamil National Alliance (TNA) due to the exclusion of police powers, both countries are determined to enhance maritime and energy connectivity. They also aim to explore the potential of the Economic and Technology Cooperation Agreement to further enhance bilateral trade and investment. India’s support extends to Sri Lanka’s infrastructure development, and it seeks to leverage its digital public infrastructure to enhance service delivery for the people.
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