India highlighted collaborative development through the "Neighbourhood First" policy and the "SAGAR" initiative

The Indian High Commission hosted a business event in Colombo, Sri Lanka to encourage the economic ties between the two nations for recovery and prosperity.

According to a tweet by Indian High Commission on Wednesday, the event involved participation from the Deputy High Commissioner Vinod K Jacob, the Governor of the Central Bank of Sri Lanka Nandalal Weerasinghe, senior officials, and representatives from business and industry.

Addressing the event, the Deputy High Commissioner noted that collaborative development through the "Neighbourhood First" policy and the "SAGAR" initiative is mutually advantageous and successfully meets the objectives of both nations' peoples.

He also showcased different aspects of bilateral cooperation between the two countries, including ongoing financial, economic, and emergency relief worth more than USD 3.5 billion, people-to-people ties, cultural cooperation, development cooperation worth more than USD 5 billion, and defence and security cooperation.

Sri Lanka is experiencing its greatest economic crisis since gaining independence from Britain in 1948, which has sparked a political crisis, with demonstrators calling for immediate reforms.

In line with India's "Neighbourhood First" policy, India has provided nearly USD 3.5 billion in aid to the people of Sri Lanka this year alone to assist them in overcoming their present situation.

Apart from that, India has provided Sri Lanka with thousands of tonnes of gasoline and petrol, as well as food and medical supplies, to help alleviate the island nation's critical shortages.