Deputy High Commissioner of India, Mr Vinod K. Jacob, participated in the Coordination Forum of Development Partners of Sri Lanka, chaired by Mr Shehan Semasinghe, State Minister for Finance, at the premises of the Treasury in Colombo on April 4, 2023. In his intervention, Mr Vinod K. Jacob welcomed the initiative of the Treasury and supported the proposal to convene such a coordination forum once every six months. He stated that India had steadfastly supported the people of Sri Lanka through the economic crisis as well as at the IMF and expressed hope that Sri Lanka will achieve an early economic recovery.
Explaining the flagship development cooperation partnership between India and Sri Lanka, Deputy High Commissioner Jacob said that the engagement was based on the principles of South-South cooperation between friendly neighbours. The projects are selected in line with the priorities of the Sri Lankan side and pertain to socio-economic sectors like the Indian Housing Projects, the 1990 Suwaseriya Ambulance, the Kandyan Dancing Academy, the SL UDI, fishery harbours, hospitals, schools, and the like. The total development cooperation portfolio stands at USD 600 million, and in the past 8 years, more than 20 projects have been completed.
Elaborating on the challenges faced, Deputy High Commissioner Jacob said that during the past few years, import restrictions and capacity issues have impacted the pace of execution. Further, on some occasions, a lack of local resources has been an impediment to progress. A unique characteristic of Indian projects is their reliance on Sri Lankan partners for the supply of locally available and environmentally sustainable materials. India remains confident of jointly resolving these concerns with the Sri Lankan side.
