India's External Affairs Minister Dr. S. Jaishankar today announced that Sri Lanka and India have agreed in principle on a renewable energy framework.
Dr. Jaishankar said that India will encourage greater investments in the Sri Lankan economy, especially in core areas like energy, tourism, and infrastructure, and count on the Government of Sri Lanka to provide a more business-friendly environment to create a powerful pull factor.
"Energy security is today one of Sri Lanka's most serious challenges and a search for solutions must necessarily encompass the larger region.
Only then will Sri Lanka get the full benefit of scale," he stressed.
"This country has enormous renewable energy potential that can become a sustainable source of revenue.
It has the capability as well for Trincomalee to emerge as an energy hub. In its support for Sri Lanka, India is prepared to be a reliable partner in such initiatives. We have today agreed in principle on a renewable energy framework that would take this cooperation forward."
Dr. Jaishankar, who arrived in Colombo yesterday, held a meeting with his Sri Lankan counterpart, Minister Ali Sabry, President Ranil Wickremesinghe, and senior other Sri Lankan Cabinet Ministers.