India's High Commissioner to Sri Lanka Y. K. Sinha called upon Sri Lankan entrepreneurs to invest in industrial corridors that have been situated covering all Indian strategic business locations.
In order to make India and the region a greater part of the global value chain as well as an investment opportunity in the various industrial corridors being set up, the Government of India will create widow of opportunities for Sri Lankan investors to invest in India, Sinha said at the live webcast of the launch of the Make In-India campaign by Prime Minister Narendra Modi. The live webcast was organized by the Indian High Commission in Sri Lanka at Hotel Taj Samudra in Colombo yesterday (Sep. 25).
He said that to promote manufacturing in five new industrial corridors being are planned in Indian and east industrial corridors will have at least 6 to 8 key nodes developed on smart city principles measuring more than 200 sq km.
He also said that Delhi Mumbai Industrial corridors development cooperation limited is the apex authority that is planning these corridors. Therefore, once these corridors opened Sri Lankans could invest there with a tax benefits in 20 main sectors.
He further stated that the Indian Government has allocated Rs.70.60 billion in the general budget to develop 100 smart cities in the country. To encourage smart cities with respect to FDI in the construction development sector to condition for build-up area reduced from 50,000 sq m to 20,000 sq and minimum capitalization norms reduced from US $ 10 million to US$ five million within three years lock in, which has enormous potential for investments, he said.