India overtakes China as Sri Lanka's main import source nation

Tags: News
India has emerged as Sri Lanka's biggest importing source nation ahead of China and Singapore, a senior minister said today.

India accounted for 18 per cent of Sri Lanka's total imports while the corresponding figure for China was 16 per cent and that for Singapore was 9 per cent, Investment Promotion Minister Lakshman Yapa Abeywardene told reporters.

He said this was a direct result of the Free Trade Agreement (FTA) with India.

Pakistan is the only other nation with whom Sri Lanka has signed the FTA.

Abeywardene said India is Sri Lanka's third largest export market with 5 per cent of exports going to the giant neighbour.

The US with 24 per cent and the UK with 10 per cent are ahead of India.

The Minister said the foreign direct investments into Sri Lanka doubled from a year earlier to $ 442 million in the first quarter of 2014.

He said 36 per cent of the investments came into the tourism sector, 26 per cent into utilities, 15 per cent into infrastructure, 7 per cent into industry and 4 per cent into apparel sector.

In 2013, the country was able to attract FDIs worth $ 1,391 million, a 4 per cent increase from 2012 figure of $ 1338 million.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Healthy bottomlines are nothing if not backed by a happy work force

    Trust technology firms to devise solutions for every situation.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Tushar Gandhi

Bapu vs Netaji, a needless row

Once again, a rivalry from the past has been raked ...

Purnendu Ghosh

Eyes are our best social navigators

Eyes have a rich vocabulary. They can not only ...

Bubbles Sabharwal

The bitter cold heart of life

Life has a heart just as we do. Most times ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture