AP to set up industrial corridor in Sri Lanka, MoU soon

The Andhra Pradesh government is contemplating to develop an industrial corridor in Sri Lanka. 

AP Industries Minister N Amarnath Reddy and the officials concerned have already conducted talks with the Sri Lankan government for making the project fruitful. 

Official sources said that a Memorandum of Understanding (MOU) will be signed with the Sri Lankan government in a few weeks.

As the island nation is convenient for water transport, Sri Lanka is the best bet for AP for conducting trade in sea foods, pharma and tourism sectors, say officials.  

The Sri Lankan government may allocate land to the AP government in Jaffna or Trincomalee. 
The Sri Lankan government is also planning to invest in AP in the textile and aviation sectors through a mutual trade agreement. 

“The MoU will be signed shortly for implementing the AP special economic zone in Sri Lanka. There are good opportunities to invest in pharma and tourism sectors in Sri Lanka,” Industries Minister N Amarnath Reddy said.

Taking inspiration from the Girijan Corporation, which is selling Araku Coffee in London, the AP government is planning to market its products in the international markets. As the AP government has provided special economic zones for Japan and Singapore in AP, the government is planning to develop facilities in both the countries for trade.  

The government is planing to utilise its ports as it is viable and will lessen the cost of trade. By investing in foreign countries in the name of Sunrise Country, the value of foreign exchange reserves will be increased and the State can attract more investments to the State, officials say. An increased air connectivity  through Silk Airways from Visakhapatanam, Vijayawada and Tirupati will also make the foreign trade feasible, say officials.

Source: The New Indian Express

-Agencies