Indian Firms Eye Sri Lanka for Expansion Amid Strong Cultural Ties
Indian companies see expansion opportunities in Sri Lanka due to cultural ties and geographical proximity. With India rapidly growing and signing trade agreements, firms like ITC and Adani are investing in Sri Lanka. This expansion is fueled by increased competitiveness and aspirations to explore proximal markets.
- Country:
- Sri Lanka
Indian companies are increasingly looking to Sri Lanka for expansion opportunities, leveraging strong cultural and historical ties fostered over the years, according to the ITC Group Chief Executive, Sanjiv Puri.
During a visit to Sri Lanka with the Confederation of Indian Industry, he noted the significance of understanding local culture when entering new markets, particularly as India continues to open up its economy under Prime Minister Narendra Modi's leadership.
Puri highlighted that India's growth, competitive advantages, and technological access are pushing companies to explore opportunities beyond their borders, with some opting to invest in nearby regions such as Sri Lanka, evidenced by investments from ITC, Adani, and Mazagon Dock Shipbuilders Limited.
(With inputs from agencies.)
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