Colombo: The Sri Lankan government has approved a proposal to set up a joint task force for promotion of commercial relations with India, Cabinet spokesman and Minister Keheliya Rambukwella said on Thursday.

The joint task force will represent public and private authorities of both countries, he said.

This followed a proposal made by Minister of Industry and Commerce Rishath Bathiyutheen with a view to promote mutual trade between India and Sri Lanka and to promote Indian investments in several key sectors including pharmaceuticals, textiles and auto accessories and other areas of trade.

The annual value of two way trade between Sri Lanka and India has now reached nearly USD 5 billion.

Sri Lanka's exports to India stands over US 500 million, while its imports from India have been closer to USD 4.5 billion in 2011.

India had earlier agreed to set up an export-oriented special economic zone with facilities for skill development to promote exports to India from Sri Lanka.


Latest News from World News Desk