India, Sri Lanka Ink Economic Vision Document, UPI Payment Deal and Other Key MoUs

Prime Minister Narendra Modi held a productive and outcome-oriented discussion with visiting Sri Lankan President Ranil Wickremesinghe during their interactions in New Delhi on Friday that resulted in the adoption of the India-Sri Lanka Economic Partnership Vision document.

The list of agreements signed by the two neighbours included an MoU on the development of Trincomalee as a regional hub of economic activity and an agreement between NIPL & LankaPay to enable digital payments with UPI-based apps. In the joint statement, the two leaders also announced the commencement of ferry services between Nagapattinam-Kankesanthurai.

In a statement, the Ministry of External Affairs (MEA) said, both Modi and Wickremesinghe acknowledged that the India-Sri Lanka partnership has been a source of strength in overcoming economic difficulties faced by Sri Lanka. The President of Sri Lanka especially appreciated India’s timely, unprecedented, and crucial support to the Government and the people of Sri Lanka.

“An outcome-oriented visit! PM @narendramodi & President @RW_UNP adopted the India-Sri Lanka Economic Partnership Vision document: Promoting Connectivity, Catalysing Prosperity. Agreements signed & announcements made add force to the Vision,” MEA spokesperson Arindam Bagchi said in a tweet.

Both leaders reiterated their firm commitment to, and confidence in democracy, stability and economic recovery in Sri Lanka, and stressed the significance of India’s continued support and investment will benefit all segments of Sri Lankan society.

The two leaders agreed that India’s sustained and rapid economic growth, and technological advancement coupled with the current phase of stabilisation and economic recovery, reconstruction and growth in Sri Lanka, provides a unique opportunity to forge a closer and deeper bilateral economic partnership between the two countries and enhance growth in the Indian Ocean Region.

Further, the leaders underscored the unparalleled advantages afforded by civilizational ties, geographical proximity, cultural connect and age-old goodwill between the peoples of the two countries and reaffirmed their endeavour to harness existing synergies and complementarities.

Here is the list of agreements and other outcomes from today’s meet:

• MoU on the development of Trincomalee as a regional hub of industry, energy and economic activity
• Memorandum of Cooperation in the field of renewable energy
• Energy Permit for Sampur Solar Power Project handed over
• Agreement between NIPL & LankaPay to enable digital payments with UPI-based apps
• Joint Declaration of Intent in the field of Animal Husbandry and Dairying
• Announced commencement of ferry services between Nagapattinam-Kankesanthurai
• Welcomed increased frequency of flights between Chennai-Jaffna
• Announced multi-sectoral packages for Indian Origin Tamils & for Eastern Province