India-Sri Lanka to explore petroleum line, land bridge to boost economic ties
foreign exchange reserves, which made it challenging for the country to finance essential imports, including fuel and medicine. Speaking on the India-Sri Lanka ties, PM Modi said, “Sri Lanka faced many challenges last year but like a close friend we stood shoulder to shoulder with the people of Sri Lanka in the time of crisis." Meanwhile, Prime Minister Modi said that the agreement signed to launch UPI in Sri Lanka will increase Fintech connectivity.
As reported by ANI, 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." Last year, when Sri Lanka faced an economic crisis, India provided substantial financial support, offering approximately USD 4 billion in assistance. This aid included lines of credit that enabled Sri Lanka to purchase essential commodities such as food and fuel.
India's support played a crucial role in helping Sri Lanka overcome its financial difficulties. Wickremesinghe further thanked PM Modi for extending support to the country in the time of crisis, adding, “PM Modi and I believe that the construction of a multi-project petroleum pipeline from the southern part of India to Sri Lanka will ensure 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." During the visit, the primary focus of the discussions between Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe was to strengthen economic and strategic cooperation between the two nations.
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