New Delhi, March 4 (SocialNews.XYZ) The governments of India and Sri Lanka should collaborate to transform Sri Lanka’s Northern Province into a high‑growth “Frontier Province” through introducing a specialised fast regulatory regime, a report said on Wednesday.
A report from the Daily FT called for a 'Northern Single‑Window Authority' with powers to grant licences, work permits and environmental clearances within 30 days, along with 5-to-10-year preferential visas for Indian tech professionals.
Further, the report called for formalising the use of Indian Rupee (INR) for direct trade settlement within the Northern Provincial Economic Zones to eliminate exchange rate volatility for MSMEs.
“This initiative replicates the high-growth, industry-driven models of Southern Indian states to leverage India’s finance and markets, turning the North into a permanent bridge for bilateral prosperity,” the Sri Lanka based media house said.
It called on Sri Lanka to use the proximity to the trillion-dollar economy of Southern India to integrate directly into global value chains through specialised maritime and digital infrastructure.
The report also urged authorities to provide 10-year corporate income tax holidays and full exemption from Customs Import Duty (CID), Value Added Tax (VAT), and the Ports and Airports Development Levy (PAL) for all machinery and construction materials imported during the project implementation phase.
It called on the island country to emulate South India by creating specialised Export Processing Zones (EPZs) in Jaffna and Mannar, integrated into the supply chains of Chennai and Coimbatore.
In another recent report, experts said the only way for Sri Lanka to get into the AI race is to jump onto the bandwagon with India.
Sri Lanka’s President Anura Kumara Dissanayake highlighted at the AI Summit that countries lagging in the AI race may face even greater vulnerabilities because the new trend will threaten shared aspirations for inclusive, equitable, and sustainable development.
—IANS
aar/pk
Source: IANS
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