India- Sri Lanka Agree on Studies for Construction of Petroleum Pipeline, Land Bridge

NEW DELHI: Prime Minister Narendra Modi announced on Friday that India and Sri Lanka have decided on feasibility studies to be carried out for establishing a petroleum pipeline and for construction of a land bridge between the two countries.

PM Modi was involved in detailed discussions with Sri Lankan President Ranil Wickremesinghe on Friday during Wickremesinghe’s two-day visit to Delhi.

Following the fruitful talks, Prime Minister Narendra Modi told the media that Sri Lanka has an important place in both India's 'Neighbourhood First' policy and 'SAGAR' vision.

“Today we shared our views on bilateral, regional and international issues. We believe that the security interests and development of India and Sri Lanka are intertwined," Modi said.

PM Modi also informed that there has been a considerable increase in the air connectivity between the two nations. He also stated that both countries have decided to start passenger ferry services between Nagapattinam in Tamil Nadu and Kankesanturai in Sri Lanka.

Sri Lanka faced a severe financial crisis last year, which led to a low level of foreign exchange reserves, making it a challenge for the neighbouring country to pay for imports of essential items, including fuel and medicine.

Moreover, Prime Minister Modi said that an agreement has been signed to launch UPI in Sri Lanka, which will increase Fintech connectivity.

According to reports, Wickremesinghe said, “We agreed that the economic and technology cooperation agreement between India-Sri Lanka is critical to enhancing the bilateral trade and investment in new and priority areas."

During Sri Lanka’s economic crisis last year, India had provided significant financial support, offering assistance of approximately USD 4 billion. The aid amount included a line of credit that enabled Sri Lanka to pay for essential commodities such as food and fuel. India's support at that time played a crucial role that helped Sri Lanka to tide over its financial difficulties.

Wickremesinghe took the opportunity to thank PM Modi for extending support to the country at a time of crisis, adding that PM Modi and himself shared the belief that the setting up of a multi-project petroleum pipeline from the southern part of India to Sri Lanka will help in ensuring an affordable and reliable supply of energy resources to Sri Lanka. “I thank PM Modi and the Indian govt for the invaluable support you gave us during the time of crisis," he said.

The primary focus during the visit of Sri Lankan President Ranil Wickremesinghe were the discussions between Prime Minister Narendra Modi on strengthening economic and strategic cooperation between the two nations.

It should be noted that this visit is made significant by the fact that it is the first time a senior Sri Lankan leader has visited India after the severe economic crisis faced by Sri Lanka last year.

Prior to the high-level talks between the two leaders, Nantional Security Adviser Ajit Doval called on Wickremesinghe to discuss matters related to security cooperation between the two countries.

Earlier on Thursday evening, External Affairs Minister S Jaishankar is reported to have called on the visiting Sri Lankan leader and discussed different bilateral issues.

This visit by Sri Lankan President Ranil Wickremesinghe to New Delhi on Thursday further stands to gain in strengthening the importance of Sri Lanka as a partner in India's "Neighbourhood First Policy" and "Vision SAGAR" (Security and Growth for All in the Region).

This visit has resulted in reaffirming the enduring friendship and close ties that exist between India and Sri Lanka.

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