Friday, 29 March 2024
Powerful Indian multinational grouping declares direct support for Lankan industry

Powerful Indian multinational grouping declares direct support for Lankan industry

Leveraging latest economic changes at home, India’s highly powerful multinational and industry grouping announced their direct support to Lankan SMEs and industries in an unprecedented offer in Colombo recently.

“Within 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 SMEs” said the Governing Council Member of Finance Facilitation Center of the powerful Indian multinational and industry grouping, the Confederation of Indian Industry (CII)’s Shreekant Somany in Colombo.

CII’s 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 o in Colombo.

“Compared 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 Lanka” said CII’s Council Member Somany, and added: “Also 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.

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.
Among the Indian corporates meeting Minister Bathiudeen were the Indian process efficiency and energy conservation giant Forbes Marshall Limited, Infrastructure Construction and Project Management multinational IL&FS Engineering and Construction, the road and highway surfacing giant Elsamex SA, and sectoral leaders such as Taylor Rubber Ltd and Somany Ceramics Ltd.

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. CII’s 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.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.