“Next few years would be crucial for Sri Lanka as all economic benefits would spread throughout the economy to become a prosperous country in the region”, Central Bank Governor Ajith Nivard Cabraal said.
“Further, we are also working closely with India as well to achieve our economic growth and the free trade agreement with them is a classic example.
When State Bank of India started in in Sri Lanka in 1864 we were under 359 years of foreign domination. In 1948 when Sri Lanka got independence and after 60 years of independence our economic policy framework has been completely changed under this government,the Central Bank Governor said.
Today, we are enjoying full political freedom and stability, which was a clear renaissance and maintaining a high level of economy by opening different vistas for foreign direct investment,” Cabraal said.
Indian High Commissioners in Sri Lanka Y K Singha said that the Bank has been operating for more than 150 years in Sri Lanka and was the first foreign branch which contributed immensely to develop bilateral trade between two countries. He said the new Indian government is keen to work with Sri Lanka to promote trade and investment in Colombo.
Managing Director State Bank of India A. Krishna Kumar said by signing the FTA with Sri Lanka the trade volume has increased by US$ 5.2 billion.
He said that Bank was resilient to global issues and it has 190 offices operating in 36 countries and 36,000 branches in India.