Lanka India Business Association launched in Sri Lanka

THE economic winds are blowing eastward. And after decades of the West being the engine of the global economy, it is now the turn of the East to be the growth engine.

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India is now poised to be the growth engine of the world, and South Asia has a unique opportunity to reap the rewards of this shift in the economic epicentre from the West to its own backyard.

India and Sri Lanka have engaged in mutually beneficial economic relationships for millennia. And even today, many Indian goods moving eastward utilise the state-of-the-art port facilities in Colombo.

With India poised to become the second largest economy in the world by 2075 (FT report) and becoming the fastest growing economy in the world, the time is right to foster even closer mutually beneficial business ties between India and Sri Lanka.

The Lanka India Business Association (LIBA) is now in operation in Sri Lanka to further enhance the already close ties between Indian and Sri Lankan businesses.

LIBA President Santosh Menon said: “Sri Lanka has forever been a global trading powerhouse. Its high-quality cinnamon, pepper, and, more recently ‘Ceylon Tea,’ has been sought after commodities around the world. Its high-quality skill at garment making makes it a chosen supplier for some of the world’s most fastidious brands. The time has come to now engage more actively with the Indian market and find the right ways to exploit it. We formed the LIBA to foster and facilitate closer and more meaningful links between Indian and Sri Lankan businesses.”