COLOMBO – Sri Lankan President Ranil Wickremesinghe arrived in India on July 20 for an official visit, marking his first overseas trip since assuming office a year ago. With the objective of bolstering bilateral ties and advancing joint projects, President Wickremesinghe is scheduled to meet Indian President Droupadi Murmu and Prime Minister Narendra Modi on July 21.
The visit holds significance, particularly after Sri Lanka’s worst economic crisis last year, during which India stepped in with emergency financial support of approximately $4 billion. This assistance provided crucial relief to Sri Lanka as it grappled with critical shortages of essential goods. Furthermore, India played a crucial role in helping Colombo secure a substantial $3-billion package from the International Monetary Fund (IMF).
During President Wickremesinghe’s meetings with Indian officials, both countries will focus on firming up much-discussed bilateral projects, with a particular emphasis on the energy sector and initiatives to enhance connectivity. One of the key proposals under discussion for years is the establishment of an integrated energy grid, aimed at ensuring energy security and fostering regional cooperation.
A recent meeting between Sri Lankan officials and the Indian Oil Corporation (IOC) saw discussions on the proposal for an oil distribution pipeline connecting Nagapattinam, Colombo, and the strategic city of Trincomalee on Sri Lanka’s east coast. Trincomalee holds historical significance as it houses World War II-era oil tanks that India is helping to restore.
Apart from energy cooperation, Sri Lanka is keen on attracting more tourists from India, which is currently its top source market. A boost in tourism will help strengthen foreign reserves, considering the country’s financial challenges last year. President Wickremesinghe recently addressed the Colombo-based Indian CEO Forum and announced plans to accept Indian currency within Sri Lanka, a move expected to facilitate trade and tourism.
In pursuit of greater private-sector investment from Indian companies, Sri Lanka is actively engaging with investors to explore potential ventures. This effort comes as the island nation seeks to recover from its economic downturn and foster mutually beneficial economic ties.
However, President Wickremesinghe’s visit is not limited to economic matters. The Sri Lankan leader is also expected to raise concerns regarding the livelihoods of northern Tamil fishermen, who have been adversely affected by Indian fishing vessels using the environmentally destructive bottom-trawling method in the Palk Strait. Additionally, the pending political solution to the Sri Lankan Tamils’ issues is likely to be a key topic of discussion in high-level meetings. President Wickremesinghe recently met with Tamil political leadership and offered to implement the 13th Amendment, following the Indo-Lanka Accord of 1987, which grants certain powers to provinces, albeit without the controversial police powers.
The visit of President Ranil Wickremesinghe underscores the importance of India-Sri Lanka relations and their commitment to fostering joint projects and resolving mutual concerns. Both countries are optimistic that this visit will pave the way for enhanced cooperation and contribute to regional stability and economic prosperity.
