The government continues its initiative of assisting Sri Lankan companies to enter into the massive Indian market.
The Ministry of International Trade and Development Strategies has already launched the ‘Break into India’ strategy in which the request for proposals was published by the Export Development Board (EDB) this week.
A report titled ‘Entering the Indian market: Lessons from Sri Lankan firms that did it’ looks into the strategies used by about 30 companies to establish themselves, and is the first in a two-step process to encourage more Sri Lankan companies to tap into the Indian market.
An international expert will be recruited to conduct research that provides any current or prospective Sri Lankan exporter or investor into India with in-depth market entry knowledge, including mapping of entry requirements, regulatory frameworks, institutions and market potential to ease of doing business with India.
It has also been planned a business-to-business facilitation where market linkages will be forged for Sri Lankan businesses in priority sectors in India.
The Sri Lankan government will be urging Indian investors to form joint ventures with their counterparts from Sri Lanka's private sector for ventures in India with a view to facilitating the entry of Sri Lankan products, brands and companies into India.
During the past few years, Sri Lankan exports to India of some other products were also subjected, from time to time, to various forms of ‘administrative protection.'
These restrictions include stringent food safety regulations, delaying customs clearance and changes made in the list of ports demarcated for the entry of Sri Lanka goods.
There is also anecdotal evidence that some Sri Lanka exporters have begun to avoid the FTA and export under the 'most favoured nation' (MFN) tariffs because of the cumbersome and costly procedures involved in obtaining RoO certificates and delays in import clearance at the Indian ports.