Indian companies will be present in large numbers at Sri Lanka’ first ever international plastics exhibition beginning here tomorrow. Out of 125 exhibitors participating in ‘Sri Lanka Plast 2012’, over 100 exhibitors will be from India. The exhibition is being organised by Enterprising Fairs India Pvt Ltd and Plastics and Rubber Institute of Sri Lanka, according to a statement.
The Indian firms will signify the progress made by India in the plastics processing sector. From a modest 1 Million tonne in the late 90s, India’s plastic production has now crossed 10 million tonnes per annum.
The ‘Sri Lanka Plast’ exhibition is being held in Colombo with the objective of promoting two-way flow of experience and expertise. It will provide a platform for Indian companies to showcase their strengths and capabilities, besides looking at partnering with Sri Lankan companies in the sector.
The exhibition will add stimulus to vibrant trade and investment engagement India and Sri Lanka currently enjoy. Bilateral trade between the two country has expanded substantially since the signing of the Free Trade Agreement (FTA) and stood at about USD 5 billion in FY 2011-12.
Sri Lanka is India’s largest trade partner in SAARC; India in turn is Sri Lanka’s largest trade partner worldwide. Indian companies have established a strong investment footprint in Sri Lanka with FDI approvals of over USD 700 million since 2003. Services trade, educational exchanges, infrastructure projects, tourism, and other sectors of economic cooperation too have increased significantly.