August 03, 2012 (LBO) – India has agreed to set-up a dedicated economic zone and to build a pharmaceutical hub in Sri Lanka as part of bilateral ties to strengthen economic trade between the South Asian neighbours, a minister said. The manufacturing investment zone, is due to come up in Sri Lanka’s eastern seaport district of in Trincomalee, visiting Indian Commerce, Industry and Textile minister Ananda Sharma told reporters in Colombo.
We have agreed to establish a manufacturing investment zone to manufacture engineering, auto parts for exports to India, Sharma said on the sidelines of an India Show that opened in Colombo.
A bilateral taskforce is being formed to begin work on the zone, with the Indian delegation being named shortly. Sri Lanka will also name its representatives which will include officials from industries related to pharmaceuticals, automotive parts, infrastructure and tourism.
He said the manufacturing zone was thought of in the spirit of partnership.
In the spirit of partnership we would like to create opportunities in Sri Lanka for value addition, which could be linked to manufacturing in India, Minister Sharma said.
He said the total value of investment into the zone has not b