Leveraging latest economic changes at home, Indiaโs highly powerful multinational and industry grouping announced their direct support to Lankan SMEs and industries in an unprecedented offer on 12 October in Colombo.
โWithin India, there are so many economic changes that could be advantageous for Sri Lanka. What is important is that this is also a new opening for Lankan industries and SMEsโ said the Governing Council Member of Finance Facilitation Center of the powerful Indian multinational and industry grouping, the Confederation of Indian Industry (CII)โs Shreekant Somany on 12 October in Colombo.
CIIโs Council Member Somany, who was leading a strong CII delegation to Colombo was in discussions with the delegation of Minister of Industry and Commerce Rishad Bathiudeen on 12 October in Colombo. Joining Minister Bathiudeen were Ministry of Industry and Commerce Secretary TMKB Tennakoon and Ministerโs Advisor Himali Jinadasa. Somany is also the Chairman & Managing Director of Somany Ceramics Ltd, which counts among the top five tile firms in India.
โCompared to many others, Indian economy is doing well with 7.2% GDP growth. Many common bonds between both countries. There is new interest and vigour in India with regard to Sri Lankaโ said CIIโs Council Member Somany, and added: โAlso within India, there are so many economic changes that could be advantageous for Sri Lanka. The devolution of funds going to Indian states from the centre which was only 2% has tremendously increased with more than 40% of tax collected by the centre now sent to states. Therefore there is new competition among federal states to access these, which opens door for Lankan companies to engage with Indian states in a new platform in trade and investment. What is important is that this is also a new opening for Lankan industries and SMEs. This can give Lankan Companies the opportunity to obtain technology transfer from India. Even we at CII have lots of expertise in such areas as education and skilling, water management, agriculture, IT/ICT and renewable energy-all these being important to Sri Lanka as well. CII has Centres of Excellence in several aspects-such as logistics, sustainability, green initiatives, quality and leadership etc. Through these we can directly support needs of Lankan businesses and SMEs-such as training. We believe this is an opportune moment to make a real difference for industry and businesses at both sides. Our delegation that meets you today is diverse, leaders in many sectors and are eagerly looking to partner with Lankan corporates and SMEs.โ
Among the Indian corporates meeting Minister Bathiudeen on 12 October were the Indian process efficiency and energy conservation giant Forbes Marshall Limited, Infrastructure Construction and Project Management multinational IL&FS Engineering and Construction,ย the road and highway surfacing giant Elsamex SA, and sectoral leaders such as Taylor Rubber Ltd and Somany Ceramics Ltd.
โWe thank for CII for its support to Sri Lanka and I still remember CIIโs initiatives in Colombo in 2012- on Indo-Lanka CEO Forum and the November 2012 high-powered CII delegation to Sri Lanka led by Indian business leader Adi Godrejโ recalled Minister Bathiudeen, and added: โThe 2012 CII delegations to Colombo resulted in the way forward for Sri Lanka โ CII cooperation and I am pleased to see such efforts bringing results today benefitting our SMEs and industries. Our industries and SMEs are entering a critical phase given the planned reforms of our Unity Government of President Maithripala Sirisena and Prime Minister Ranil Wickremesinghe. There is no doubts that they would be happy to receive your support and I shall instruct my officials to update Lankan stakeholders on your ground-breaking offer. CIIโs support could enhance many aspects for our SMEs to link to global markets.โ
The Indian industry and biz-led, not-for-profit CII has more than 8000 members from Indian multinationals, corporates and SMEs and is a leading policy influencer and more importantly a reference point on overall Indian SMEs, multinationals and industry. It has additional 200,000 other member firms as well. CIIโs influence is such that it is even present in nine overseas destinations-China, Australia, Bahrain, Egypt, France, Germany, Singapore, UK, and USA. CII also has institutional partnerships with 320 counterpart organizations in 106 countries.
CONCLUDED
Leader of All Ceylon Makkal Congress