Indian Finance Minister Nirmala Sitharaman embarked on a three-day visit, to Sri Lanka aiming to strengthen the ties and explore economic collaboration opportunities between the two nations. Sitharaman’s day began with a visit to Trincomalee Hindu Temple, a city known for its population. She paid her respects there. The Indian Finance Minister inaugurated a branch of the State Bank of India (SBI) in Trincomalee and expressed appreciation for the bank’s support to corporates involved in international trade.
The ceremony witnessed the presence of officials such as Senthil Thondaman, Governor of Eastern Province, Gopal Baglay, India’s High Commissioner to Sri Lanka and Dinesh Khara, Chairman of SBI.
Sitharaman praised SBI for its enduring presence in Sri Lanka as the country’s bank with a 159-year history. During the crisis in Sri Lanka, SBI played a vital role by facilitating an extension of USD 1 billion Line of Credit from India to Sri Lanka.
Moreover, SBI Sri Lanka plays a role in assisting entities engaged in international trade. The bank has been actively encouraging the use of platforms, like the SBI Sri Lanka YONO app and online banking, to facilitate remittances alongside their in-branch services.
As part of her visit, Sitharaman also had a chance to visit the Lanka Indian Oil Company complex in the port city, which further reflects the relationship between these two nations.
Simultaneously, India and Sri Lanka held the 12th round of the Economic and Technology Cooperation Agreement (ETCA) talks, which had been stalled since 2018. The talks, initiated following Sri Lankan President Ranil Wickremesinghe’s visit to Delhi in late July, covered various aspects of bilateral cooperation, including goods, services, rules of origin, trade remedies, customs procedures, and trade facilitation.
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