Closer economic cooperation on the agenda as Sri Lankan President Wickremsinghe arrives in India

Sri Lankan President Ranil Wickremesinghe arrived in New Delhi on Thursday (July 20, 2023) on an official visit that has been described by India as a very important one as the country has multifaceted relations with the island nation.

“This is a very important visit, it is a neighbouring country with whom we have very important relationship, we have multifaceted relations,” said Ministry of External Affairs (MEA) Official Spokesperson Arindam Bagchi during the MEA weekly briefing on Thursday.

During his India visit, President Wickremesinghe will meet Prime Minister Narendra Modi and President Droupadi Murmu. This is Wickremesinghe’s first visit to India since taking charge as the Sri Lankan President.

Replying to a question on the visit, Bagchi declined to go into the specific conversations that would take place during the visit. He, however, added that India has discussed with Sri Lanka how closer economic cooperation with India can benefit the island nation. “We have discussed with Sri Lanka issues of how closer economic cooperation, how the growth of our economy, can benefit them,” Bagchi said.

The MEA Spokesperson added that two countries can hold discussions on common security issues, common areas of development cooperation, new projects and how Indian investments can be involved.

“As you know, we have already been helping them or have helped them with their economic problems that have happened earlier this year and I think this will be a good base to take forward our conversation. This is the first visit of President Ranil Wickremesinghe, as president. He has of course been here many times and we look forward to the visit to impart new momentum to the relationship,” Bagchi explained.

Sri Lanka is an important partner in India’s Neighbourhood First Policy and Vision SAGAR. The visit will reinforce the longstanding friendship between the two countries and explore avenues for mutually beneficial cooperation across sectors.

India has been consistent in its support to Sri Lanka since the beginning of the current economic crisis, helping out with humanitarian aid as well as financial assistance. In 2022, India provided unprecedented financial support of USD 4 billion.

India was also instrumental in ensuring that Sri Lanka received a bailout package of USD 2.9 billion from the International Monetary Fund (IMF). India was the first creditor nation of Sri Lanka to support debt restructuring and convey financing assurances to the IMF.