Leaders unite to boost $5 billion India–Sri Lanka Trade Partnership

X: @the_news_21

Mumbai: The India-Sri Lanka Trade Diplomacy Summit (I-SLTDS), jointly organized by the World Trade Centre (WTC) Mumbai and the All India Association of Industries (AIAI), in collaboration with the Consulate General of Sri Lanka, brought together senior officials, diplomats, and business leaders at Centrum, WTC Mumbai.

Held in a hybrid format, the summit aimed to strengthen bilateral economic relations through the India-Sri Lanka Free Trade Agreement (ISFTA), unlocking opportunities in spices, technology, tourism, investment, and digital cooperation.

The event commenced with the national anthems of both countries, followed by Diya-lighting ceremony by a soothing flute music, and a mutual felicitation between Dr Vijay Kalantri, Chairman of WTC Mumbai & President of AIAI, and Shirani Ariyarathne, Acting Consul General of Sri Lanka.

While addressing the summit, Dr Vijay Kalantri highlighted the existing $5 billion trade volume between India and Sri Lanka and emphasized the importance of working together to double this figure in the coming years. He pointed to the need to strengthen trade ties through regional frameworks such as SAARC, APTA, ISFTA, and SAFTA, which offer significant potential to deepen trade cooperation.

Shirani Ariyarathne underscored the strategic value of ISFTA and its potential to drive regional economic integration. India is Sri Lanka’s largest import source. Through ISFTA, we can bridge this gap by leveraging unique Sri Lankan products like Ceylon cinnamon, Ceylon cloves, Ceylon nutmeg, Ceylon tea essential oils, oleoresins, apparel, Batik and handloom, jewellery, precious stones, nuts, vegetable residue for animals, coconuts, and electronic items. “Sri Lanka’s GSP+ status under the EU framework offers a strategic gateway for Indian businesses to expand the export”, she said.

Mangala Wijesinghe, Chairman of the Sri Lanka Export Development Board (EDB), spoke about the country’s ongoing export diversification into high-growth sectors like ICT, electronics, processed food, and renewable energy. “India is our second-largest export destination.

We’re expanding our presence through initiatives like Voice Sri Lanka, the Sea Trade Hub, and participation in trade events like Anuga and Codex Saudi,” he said. He announced a Sri Lankan business delegation from the design and construction industry will visit Mumbai in November 2025 for the Design Mumbai Expo and invited Indian businesses to join Sri Lanka Expo 2026- returning after 13 years and expected to attract over 1,500 international buyers. “We are targeting annual export growth of over 10%,” he added.

Buddhika Hewawasam, Chairman of the Sri Lanka Tourism Development Authority (SLTDA), announced a Travel Fair scheduled from July 31 to August 2 to promote tourism and cultural exchange. He noted that India remains the leading source market for Sri Lanka’s tourism sector, which has recorded a growth of over 10% compared to last year.

With increased flight connectivity between the two countries, Sri Lanka is strengthening its outreach. The country is also focusing on global tourism promotion with an ambitious target of achieving 3 million in sustainable tourism and digital transformation through enhanced digitization initiatives.

Priya Pansare also announced that WTC Mumbai and AIAI will lead a business delegation to Sri Lanka in September 2025 to participate in the Industry 2025 Expo, scheduled from 18th to 21st September 2025 at the Bandaranaike Memorial International Conference Hall (BMICH), Colombo, Sri Lanka. Organized by the Ministry of Industry and Entrepreneurship Development in collaboration with the Industrial Development Board (IDB), featuring over 400 exhibitors.

Sachindra Samarasundara, Associate Chief Digital Economy Officer at the ICT Agency of Sri Lanka, highlighted Disrupt Asia 2025, the nation’s premier tech summit. “This year’s edition will feature a venture competition, innovation festival, and the launch of a $50 million fund of funds in September,” he said, also confirming the participation of start-ups from IIT Madras.

Suman Udayakumaran, Manager, Western India at Sri Lankan Airlines Ltd., emphasized the strategic advantage of Sri Lanka’s location. “India is the third-largest aviation market globally, and Sri Lanka has served its air travel needs for decades. With our proximity and interest, why should flights be time consuming?” he asked, advocating for improved air connectivity.

The India-Sri Lanka Trade Diplomacy Summit concluded with a renewed commitment to deepen collaboration in trade, technology, tourism, and digital innovation. With ISFTA as a guiding framework, both nations aim to enhance regional connectivity and shared prosperity, advancing a common vision for sustainable economic growth in the Indo-Pacific region.