The Indian Minister of External Affairs Dr Subrahmanyam Jaishankar is on a two-day visit to Sri Lanka on Jan 19-20 to help the South Asian country deal with one of its worst economic crises.

In a press statement, he said, "My primary purpose to visit Colombo is to express India's solidarity with Sri Lanka during these difficult moments."&nbsp;

During the press conference with Sri Lanka's Foreign Minister Ali Sabry, Jaishankar said that India is committed to boosting its investments in the debt-ridden neighbour to help it pull from its worst economic crisis in seven decades, ANI reported.&nbsp;

He told reporters, "India will encourage greater investments in the Sri Lankan economy, especially in core areas like energy, tourism and infrastructure."&nbsp;

Watch |&nbsp;WION Dispatch: Indian EAM Jaishankar embarks on a two-day visit to Sri Lanka

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India extended its hand for help with financial assistance worth $4 billion and they also agreed on principles of a renewable energy framework that will take this cooperation between the two countries forward.&nbsp;

As the financial assistance from India was announced, the Sri Lankan Foreign Minister Ali Sabry at Friday's conference said, "for this on behalf of the Sri Lankan president, the government and the citizens of Sri Lanka, I convey our profound gratitude to PM Narendra Modi, the Indian government, Jaishankar and to the people of India."&nbsp;

During the visit, leaders of both countries are expected to sign MoU for an Indian grant for the implementation of the high-impact community development projects.

Jaishankar was also briefed on the political devolution of the country by Sri Lanka's President Ranil Wickremesinghe.&nbsp;He also handed over Indian Prime Minister Narendra Modi's invitation to the president to visit India at the earliest convenience to discuss a bilateral partnership.

(WIth inputs from agencies)

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The Indian Minister of External Affairs Dr Subrahmanyam Jaishankar is on a two-day visit to Sri Lanka on Jan 19-20 to help the South Asian country deal with one of its worst economic crises.

The Indian Minister of External Affairs Dr Subrahmanyam Jaishankar is on a two-day visit to Sri Lanka on Jan 19-20 to help the South Asian country deal with one of its worst economic crises. In a press statement, he said, "My primary purpose to visit Colombo is to express India's solidarity with Sri Lanka during these difficult moments." During the press conference with Sri Lanka's Foreign Minister Ali Sabry, Jaishankar said that India is committed to boosting its investments in the debt-ridden neighbour to help it pull from its worst economic crisis in seven decades, ANI reported. He told reporters, "India will encourage greater investments in the Sri Lankan economy, especially in core areas like energy, tourism and infrastructure." Watch | WION Dispatch: Indian EAM Jaishankar embarks on a two-day visit to Sri Lanka India extended its hand for help with financial assistance worth $4 billion and they also agreed on principles of a renewable energy framework that will take this cooperation between the two countries forward. As the financial assistance from India was announced, the Sri Lankan Foreign Minister Ali Sabry at Friday's conference said, "for this on behalf of the Sri Lankan president, the government and the citizens of Sri Lanka, I convey our profound gratitude to PM Narendra Modi, the Indian government, Jaishankar and to the people of India." During the visit, leaders of both countries are expected to sign MoU for an Indian grant for the implementation of the high-impact community development projects. Jaishankar was also briefed on the political devolution of the country by Sri Lanka's President Ranil Wickremesinghe. He also handed over Indian Prime Minister Narendra Modi's invitation to the president to visit India at the earliest convenience to discuss a bilateral partnership. (WIth inputs from agencies) WATCH WION LIVE HERE

India vows to boost investments in Sri Lanka as foreign minister Jaishankar visits

India's External Affairs Minister S. Jaishankar is on a visit to Sri Lanka at&nbsp;a time when growing Chinese influence is testing this relationship.

Jaishankar is on a two-day visit and he will be holding bilateral talks with his counterpart, as well as the Rajapaksa brothers — President Gotabaya Rajapaksa and&nbsp;the Prime Minister Mahinda Rajapaksa.

The agenda

The first agenda of this visit is the proposal to build a terminal at the Colombo port, also known as&nbsp;the East Container Terminal. India, alongside Japan, has an agreement to develop this terminal for Sri Lanka.

In 2019,&nbsp;the three countries had signed a memorandum of cooperation. The terms were that the Sri Lanka ports authority will retain 100 per cent ownership, the terminal would be run by a joint company — owned collectively by India, Japan and Sri Lanka, and&nbsp;Sri Lanka will be the majority owner with 51 per cent, India and Japan will have a 49 per cent stake.

This agreement&nbsp;is starkly different from the one Sri Lanka signed with China for the Hambantota port —a&nbsp;project that was largely funded by China.

Also read|&nbsp;<a href="https://www.wionews.com/india-news/foreign-minister-jaishankar-to-visit-sri-lanka-in-the-first-visit-of-2021-354393" hreflang="en">Foreign Minister Jaishankar to visit Sri Lanka in the first visit of 2021</a>

The arrangement pushed Colombo into a debt trap. Ultimately, it had to lease the port to China for 99 years in 2017.

Now with the Indian minister in Sri Lanka, we might get an indication about Sri Lanka's thinking; which way its leaning for the Colombo port project because&nbsp;it has faced opposition from workers and some politicians.

However, the early signs are promising. Before Jaishankar's visit,&nbsp;Sri Lanka's port and shipping minister issued a statement saying&nbsp;the east container terminal will be developed and&nbsp;not sold to anyone. He claimed the terminal will be an "Economic and naval hub".

The second item on agenda could be&nbsp;financial assistance. Last year, Colombo had made a request to New Delhi. The Sri Lankan government wanted a special one billion currency swap facility with India as well as a debt moratorium.

These are testing times for the Sri Lankan economy. It faces what many are calling its "worst economic slump".

Last month, Colombo announced that its GDP for the second quarter plunged by 16.3 per cent. The Sri Lankan central bank projects a 3.9 per cent contraction this year mainly due to the coronavirus.

The pandemic has hit Sri Lanka's tourism sector badly too. International arrivals fell by close to 71 per cent in March last year. Before the pandemic, Sri Lanka reportedly lost 1.5 billion from tourism because of the easter bombings. So, the virus came as a double whammy for Colombo.

Now, Sri Lanka has ordered tight controls over foreign exchange. A ban has been imposed on all non-essential imports, including&nbsp;all types of vehicles.

Colombo's debt obligation amounts to around four billion a year, but Sri Lanka says it will honour all commitments. However, international ratings agencies have slashed the credit worthiness of Sri Lanka.

At a time like this, any assistance from India will be welcome in Colombo. More importantly,&nbsp;Jaishankar's visit could decide the future trajectory of this relationship.

India's External Affairs Minister S. Jaishankar is on a visit to Sri Lanka at a time when growing Chinese influence is testing this relationship. Jaishankar is on a two-day visit and he will be holding bilateral talks with his counterpart, as well as the Rajapaksa brothers — President Gotabaya Rajapaksa and the Prime Minister Mahinda Rajapaksa.

India's External Affairs Minister S. Jaishankar is on a visit to Sri Lanka at a time when growing Chinese influence is testing this relationship. Jaishankar is on a two-day visit and he will be holding bilateral talks with his counterpart, as well as the Rajapaksa brothers — President Gotabaya Rajapaksa and the Prime Minister Mahinda Rajapaksa. The agenda The first agenda of this visit is the proposal to build a terminal at the Colombo port, also known as the East Container Terminal. India, alongside Japan, has an agreement to develop this terminal for Sri Lanka. In 2019, the three countries had signed a memorandum of cooperation. The terms were that the Sri Lanka ports authority will retain 100 per cent ownership, the terminal would be run by a joint company — owned collectively by India, Japan and Sri Lanka, and Sri Lanka will be the majority owner with 51 per cent, India and Japan will have a 49 per cent stake. This agreement is starkly different from the one Sri Lanka signed with China for the Hambantota port —a project that was largely funded by China. Also read| Foreign Minister Jaishankar to visit Sri Lanka in the first visit of 2021 The arrangement pushed Colombo into a debt trap. Ultimately, it had to lease the port to China for 99 years in 2017. Now with the Indian minister in Sri Lanka, we might get an indication about Sri Lanka's thinking; which way its leaning for the Colombo port project because it has faced opposition from workers and some politicians. However, the early signs are promising. Before Jaishankar's visit, Sri Lanka's port and shipping minister issued a statement saying the east container terminal will be developed and not sold to anyone. He claimed the terminal will be an "Economic and naval hub". The second item on agenda could be financial assistance. Last year, Colombo had made a request to New Delhi. The Sri Lankan government wanted a special one billion currency swap facility with India as well as a debt moratorium. These are testing times for the Sri Lankan economy. It faces what many are calling its "worst economic slump". Last month, Colombo announced that its GDP for the second quarter plunged by 16.3 per cent. The Sri Lankan central bank projects a 3.9 per cent contraction this year mainly due to the coronavirus. The pandemic has hit Sri Lanka's tourism sector badly too. International arrivals fell by close to 71 per cent in March last year. Before the pandemic, Sri Lanka reportedly lost 1.5 billion from tourism because of the easter bombings. So, the virus came as a double whammy for Colombo. Now, Sri Lanka has ordered tight controls over foreign exchange. A ban has been imposed on all non-essential imports, including all types of vehicles. Colombo's debt obligation amounts to around four billion a year, but Sri Lanka says it will honour all commitments. However, international ratings agencies have slashed the credit worthiness of Sri Lanka. At a time like this, any assistance from India will be welcome in Colombo. More importantly, Jaishankar's visit could decide the future trajectory of this relationship.

Jaishankar visits Sri Lanka as island faces economic crisis

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India vows to boost investments in Sri Lanka as foreign minister Jaishankar visits

Jaishankar visits Sri Lanka as island faces economic crisis