Sri Lankan President Ranil Wickremesinghe To Visit India For Bilateral Talks; First Visit After Assuming Office

Ranil Wickremesinghe, who took over as the President of Sri Lanka amidst economic and political chaos a year ago, is set to travel to India for a bilateral visit during on 21 July.

Although Wickremesinghe has made several visits to India in different capacities over the past three decades, this will be his first visit since assuming office in July last year.

The Ministry of External Affairs (MEA) announced on Tuesday (18 July) that President Ranil Wickremesinghe has been invited by Prime Minister Narendra Modi to make an official visit to India on 21 July, 2023.

This visit will mark President Wickremesinghe's first trip to India since taking on his current responsibilities, as reported by The Indian Express.

In preparation for Wickremesinghe's visit, foreign secretary Vinay Kwatra had traveled to Sri Lanka earlier this month to lay the groundwork.

During his visit, Prime Minister Wickremesinghe will meet with President Droupadi Murmu and engage in discussions with the Prime Minister and other Indian dignitaries regarding various issues of mutual interest, as stated by the MEA.

According to the MEA, Sri Lanka holds significant importance as a partner in India's neighbourhood-first policy and vision SAGAR.

This visit aims to strengthen the enduring friendship between the two countries and explore opportunities for improved connectivity and cooperation across different sectors.

The Sri Lankan Foreign Ministry has expressed that Wickremesinghe's visit aims to further advance and solidify the longstanding bilateral relations between India and Sri Lanka.

This visit holds particular significance as both countries celebrate the 75th anniversary of the establishment of diplomatic relations this year.

Last week, Sri Lanka's Finance Minister, Wickremesinghe, expressed a desire for the Indian rupee to be used alongside the US dollar in the country.

Sri Lanka's economy, which was severely impacted by the 2022 financial crisis, is showing signs of recovery. India provided assistance during this crisis by offering dedicated credit lines for fuel and essential items.

In March of this year, Sri Lanka secured a bailout of US$ 2.9 billion from the International Monetary Fund, over a four-year period.

This bailout is contingent upon the implementation of necessary reforms. It is worth noting that Sri Lanka experienced its first-ever credit default in mid-April of the previous year.

Over the years, India and Sri Lanka have developed a strong economic and commercial partnership. The India-Sri Lanka Free Trade Agreement in 2000 played a significant role in expanding trade between the two countries.

Economic ties between the two countries extend to various sectors such as infrastructure, connectivity, transportation, housing, health, livelihood and rehabilitation, education, and industrial development.

This development partnership between the two nations is comprehensive and covers a wide range of areas.

India has long been one of Sri Lanka's major trade partners, and reciprocally, Sri Lanka remains one of India's largest trade partners within the SAARC.

Additionally, India plays a significant role in foreign direct investment in Sri Lanka, with many prominent Indian companies having invested and established their presence in the country.