“The entire constitution is under review, so is the devolution of power in Jaffna”
Businessworld|April 23, 2022
Sri Lanka's Foreign Minister GAMINI LAKSHMAN PEIRIS speaks with Manish Kumar Jhaof BW Businessworld on the entire range of issues that reflect the severity of the current economic crisis and the measures needed to alleviate the situation
Manish Kumar Jhaof
“The entire constitution is under review, so is the devolution of power in Jaffna”

How do you look at the bilateral relations with India amid the complex geopolitical environment in the region? And while India puts ‘neighbourhood first’ in its foreign policy, do you also see the relations in a similar way with India?

Certainly, the emphasis is on economic objectives. We have 66 missions abroad and we have told all of them in very clear terms that their priority this year should be economic diplomacy, by which we mean trade, investment and tourism. Our relationship with India is at a very satisfying threshold. In every sector, be it the power sector or tourism sector, there is closer integration. For instance, Ceylon Electricity Board can produce approx. 4,300 MW of electricity, while NTPC, an Indian company, produces about 60,400 MW of electricity. We are also interested in generating wind power in Mannar Island and district, which the Adani group and others in India are keen on developing.

Then if you take the oil, petroleum gas sector, we concluded the Trincomalee oil tank cooperation. We have 99 tanks there which had been lying idle for 17 years. But now that has been sorted out, we have entered into a joint venture where 51 per cent stakes will be held by Ceylon Petroleum Corp (CPC) and 49 per cent by Lanka India Oil Corporation (LIOC). So the storage capacity is very useful. With fluctuating oil prices, we can store oil when the prices are good. And also, since India is the third-largest oil consumer in the world and since Sri Lanka would have to access international markets to purchase oil, it would make sense for us to access international markets through India. There would be price advantage.

This story is from the April 23, 2022 edition of Businessworld.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the April 23, 2022 edition of Businessworld.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESSWORLDView All
Gauging Trumponomics For India
BW Businessworld

Gauging Trumponomics For India

Despite some shortto mediumterm headwinds in trade and immigration, the broader Indo-US vision of counterbalancing China’s influence is expected to ensure continued cooperation under Trump 2.0

time-read
2 mins  |
November 16, 2024
Reflections on Consciousness and Creation
BW Businessworld

Reflections on Consciousness and Creation

Indian-American DEEPAK CHOPRA on the nature of the universe, the digital fabric of existence, and the power of a conscious mind

time-read
2 mins  |
November 16, 2024
MORE TAKE TO DRIVING IN STYLE
BW Businessworld

MORE TAKE TO DRIVING IN STYLE

High-end luxury vehicles are no longer part of a niche market, but a rapidly expanding segment of automobile sales, driven by changing consumer preferences, rising disposable incomes and better infrastructure

time-read
4 mins  |
November 16, 2024
India's Growing Affinity for Swiss Watches: A Luxury on the Rise
BW Businessworld

India's Growing Affinity for Swiss Watches: A Luxury on the Rise

NDIA'S ROBUST ECONOMIC growth, projected to exceed 6 per cent in 2024 and 2025, is fostering a rising demand for aspirational products. As disposable incomes increase, particularly among the expanding middle class, luxury goods such as Swiss-made watches are gaining popularity.

time-read
2 mins  |
November 16, 2024
An ENRiching Outlook
BW Businessworld

An ENRiching Outlook

KPMG's latest report shows energy CEOs being optimistic about the sector's outlook. ANISH DE, Global Head, ENRC, KPMG speaks to BW Businessworld's Arjun Yadav on what's driving this confidence

time-read
2 mins  |
November 16, 2024
Paving the Path to a Sustainable Future
BW Businessworld

Paving the Path to a Sustainable Future

Salesforce's ESG journey has made an impact beyond the company. SUNYA NORMAN, SVP of ESG Strategy and Engagement at Salesforce, shares more on how the tech giant integrates sustainability into its core operations, supporting global goals while empowering employees

time-read
2 mins  |
November 16, 2024
LEADERSHIP TRANSITION AT XIAOMI INDIA
BW Businessworld

LEADERSHIP TRANSITION AT XIAOMI INDIA

Xiaomi India is experiencing a leadership evolution, beginning with Muralikrishnan B's departure as President by the end of 2024. This change underscores Xiaomi's shift towards nurturing local talent amidst dynamic global shifts. The story tracks key transitions from Manu Kumar Jain's leadership to Muralikrishnan B's impactful tenure, along with recent strategic hires, highlighting Xiaomi's alignment towards market adaptability and consumer focus

time-read
3 mins  |
November 16, 2024
WEAVING SUSTAINABILITY
BW Businessworld

WEAVING SUSTAINABILITY

Once a modest home textile manufacturer, Jindal Worldwide has evolved into a vertically integrated textile powerhouse, spanning critical segments of the yarn and fabric value chain

time-read
1 min  |
November 16, 2024
FORCE FOR GOOD
BW Businessworld

FORCE FOR GOOD

FY24 saw capacity expansions for Century Enka in nylon and polyester segments, along with investments in modernisation, renewable energy, and safety initiatives

time-read
1 min  |
November 16, 2024
REIMAGINING TOMORROW
BW Businessworld

REIMAGINING TOMORROW

For V-Guard, tomorrow signifies progress, driven by today's actions, setting the foundation for future growth and value creation for all stakeholders

time-read
1 min  |
November 16, 2024