PM Modi to arrive in Sri Lanka today, first visit after 2019 Easter attacks-OxBig News Network

Prime Minister Narendra Modi will arrive in Sri Lanka on Friday evening for his two-day visit to the island nation.

The PM’s visit to Sri Lanka will likely witness bilateral agreements in sectors, including defence, energy and infrastructure. The visit to the island nation comes after Sri Lankan President Dissanayake had visited India last year.

Before empanelling on a visit to the island nation, the PM in his departure statement had said, “…We will have the opportunity to review progress made on the joint vision of fostering partnerships for a shared future and provide further guidance to realise our shared objectives. I am confident that these visits will build on the foundations of the past and contribute to strengthening our close relationships for the benefit of our people and the wider region.”

The PM had last visited Sri Lanka in 2019 to express solidarity after Easter Sunday attacks. Since 2014, the PM has been to the island nation thrice.

India has traditionally been among Sri Lanka’s largest trade partners. The trade between the two nations in the current FY 2024-25 for the period April-November amounted at $3.67 billion, with India’s exports to Sri Lanka at $2.84 billion.

India is also one of the largest contributors to Foreign Direct Investment (FDI) in Sri Lanka with cumulative investment of $2.25 billion till 2023, with $198.1 million in 2023 alone. The FDI from India for the period January-September 2024 was $80.55 million. The main investments from India in Sri Lanka are in the areas of energy, hospitality, real estate, manufacturing, telecommunication, banking and financial services.

India’s overall credit assistance to Sri Lanka amounts to over $7 billion, while grant assistance to the island nation stands at around $780 million.

In order to develop Kankesanthurai port in Sri Lanka, India has extended a grant of $61.5 million to the island nation.

Tourism is another important component, with India being the leading tourist market for Sri Lanka in 2024 with around 4.16 lakh arrivals — approximately 20 per cent of total arrivals.