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Monday, April 15, 2024

India-Sri Lanka to explore petroleum line, land bridge to boost economic ties

On Friday, Prime Minister Narendra Modi announced that India and Sri Lanka have agreed to conduct feasibility studies for the establishment of a petroleum pipeline and a land bridge connectivity project between the two nations. This decision was made during extensive discussions between PM Modi and Sri Lankan President Ranil Wickremesinghe, who was on a two-day visit to Delhi.

During the media talks, PM Modi emphasized the significance of Sri Lanka in India’s ‘Neighbourhood First’ policy and ‘SAGAR’ vision. Both leaders exchanged their perspectives on various bilateral, regional, and international issues and acknowledged the interconnectedness of India’s and Sri Lanka’s security interests and development.

Furthermore, PM Modi revealed plans to enhance air connectivity between the two countries. Both India and Sri Lanka have taken the decision to initiate passenger ferry services connecting Nagapattinam in Tamil Nadu and Kankesanturai in Sri Lanka.

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The decision to explore the feasibility of the petroleum pipeline and land bridge projects comes in the context of Sri Lanka’s financial crisis last year, which led to a shortage of foreign exchange reserves. This situation made it difficult for the country to finance essential imports, including fuel and medicine.

Please note that the above information is a summary of news reports as of the date mentioned at the beginning and may not be up-to-date. Additionally, it’s essential to avoid plagiarism by properly paraphrasing and attributing the information to its original source if used in any formal context.

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Tripti Pandey
Founder/Editor - Worldly Voice

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