📈 India Celebrates 77th Republic Day in Sri Lanka: Strengthening Strategic Ties

The Indian High Commission in Colombo marked India’s 77th Republic Day yesterday, emphasizing the deep-rooted cultural and growing economic partnership between the two nations. • Overall Diplomatic Engagement: High Commissioner Santosh Jha unfurled the national flag at India House, followed by a Guard of Honour and a cultural program by the Swami Vivekananda Cultural Centre. The event commemorated the 150th anniversary of ‘Vande Mataram’ and paid tribute to the IPKF martyrs. • Bilateral Economic & Trade Highlights: • Trade Value: Bilateral merchandise trade reached US$ 5.5 Bn in 2023-24, with India maintaining its position as Sri Lanka's largest trading partner. • Tourism: India remains the top source market, accounting for over 20% of total tourist arrivals. • Investment: Indian FDI continues to lead in petroleum retail, tourism & hotels, manufacturing, and ICT/BPM (notably HCL Technologies). • Maritime Security: Two Indian Coast Guard ships, Varaha and Atulya, are currently visiting Colombo and Galle (Jan 24-27). • Future Economic Outlook: • Digital Infrastructure: India is supporting Sri Lanka's Digital Identity project, currently in advanced tendering. • Energy Connectivity: Progress on the India-Sri Lanka power grid interconnection has moved to the financial structuring phase. • Trade Framework: Discussions are ongoing regarding the upgrade of the Free Trade Agreement (FTA) to a more comprehensive Economic and Technology Cooperation Agreement (ETCA).