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Proximity, culture make Sri Lanka ideal for Indian firms: Sanjiv Puri
'India is in the process of, and has signed FTAs. Many more FTAs are coming,' Puri was quoted as saying by Sri Lankan media website EconomyNext. Puri was attending an event in Colombo at ITC Ratnadeepa.
'I can tell you that Indian companies are particularly coming to Sri Lanka because there are a lot of cultural and historical ties. We understand each other better. When you are going to a new place, the culture becomes very important,' he added.
Puri, the former President of the Confederation of Indian Industry (CII), when asked why Indian companies were looking to invest in Sri Lanka if India was growing so fast, said: 'They have become competitive, have access to technology, and have their strengths.' He said manufacturing of electronics and semiconductors was reviving at a very rapid pace in India.
'And now the aspirations are also larger in the Indian enterprises to go beyond geography. And it's a natural process. Some companies will choose to go to proximal countries. Some companies will choose to go elsewhere. Some companies will go far off,' he said.
Recently, several Indian companies have invested in Sri Lanka. ITC has built a hotel, Ceat owns a tyre manufacturing subsidiary, Piramal owns a glass bottle-making company, and Adani has invested in a container terminal with John Keells Holdings.
Last month, Ceat announced that it is raising ₹500 crore, and it also plans to infuse up to ₹400 crore (equivalent in Sri Lankan rupees) into its wholly owned subsidiary, CEAT OHT Lanka.
Similarly, Indian shipbuilding firm Mazagon Dock Shipbuilders Limited (MDL) bought Colombo Dockyard PLC and is expected to take control by injecting cash into the troubled firm.
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