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| Tuesday, 27 May 2003 |
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Indian Credit Line under-utilised By Shirajiv Sirimane and Kiran Bhamber Counsellor Economic and Commercial High Commission of India, V. Ashok said that US $ 65 million from the Indian Credit Line is yet to be utilised. Speaking at the official Press launch of the 'Made in India Show' which opens today at the BMICH he said that only around US$ 35.6 million has been approved while around US$ 20 million is in the pipeline to be approved. He said that US $ 45 million is yet to be utilised. He said that the Free Trade Agreement (FTA) signed between India and Sri Lanka is a tremendous boost for both economies. "In fact the Indian government is making this a model to sign similar FTAs with counties such as Bangladesh and Nepal." The Counsellor said that the FTA has also rapidly increased the bilateral trade and at the end of last year there were India exports to the value of US $ 831 million while Sri Lanka exported items to the value of US $ 167.7 to India. "Sri Lanka's exports to India increased by 136.9% while Indian exports to Sri Lanka increased by 37%." He said that the main areas of business from Sri Lanka to India are Agriculture, Copper and tea while 78% of imports to Sri Lanka from India are for the transport sector. He praised the efforts of Minister of Industries Rohitha Bogollagama in promoting the FTA. Chairman, Ceylon Chamber of Commerce Tilak Soysa said that the FTA has created many advantages to the Sri Lankan public. "For example if a person wants to buy a motor-cycle direct from Japan it would cost around Rs. 140 000 while the same branded and same high quality motor-cycle could be purchased from India at Rs. 1,000 000." He said that this has enabled the government to save foreign exchange as well. Deputy Director General, Confederation of Indian Industry (CII) S. Sen said that the Made in India trade show, would be one of the biggest events to be organised by CII. "We have conducted similar shows in South Africa, Mauritius, United Kingdom, Tanzania and this is one of the biggest, he said." |
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