India's investment in Sri Lanka dips by $1.33 mn

NEW DELHI: India's investment in Sri Lanka has declined by $ 1.33 million to $ 6.93 million in the last fiscal, despite big domestic companies investing in the island nation.

"The approved Indian investments in Sri Lanka were $ 8.26 million in 2006-07 and $ 6.93 million during 2007-08," Commerce Minister Kamal Nath said at a meeting with Sri Lankan Minister of Export Development and International Trade G L Peiris, here today.

The trade between the countries stood at USD 3.45 billion in 2007-08 as against $ 2.72 billion in the previous year, up by 27 per cent.

In another meeting with Tanzanian Industry Minister Mary Nagu, Nath said there is a need for greater trade ties between the countries and investors could avail the opportunities of the favourable investment climate in India, particularly in the sectors like telecommunication, fibre-optics, tourism and infrastructure development.

The trade between India and Tanzania stood at $752 million during 2007-08. India exports fine chemicals, electronic goods and transport equipment to Tanzania.

Meanwhile, the trade between India and Bhutan has grown significantly from a level of USD 141.86 million in 2003-2004 to $ 281.17 million in 2007-2008.

India's import from Bhutan is valued at $194.48 million.

The major items of exports from Bhutan to India, include , cement, timber and wood products, minerals, while India ships