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Sri Lanka to receive $6 mn from India for Maritime Rescue Coordination Centre

Sri Lanka's newly appointed Prime Minister Mahinda Rajapaksa addresses the gathering during the ceremony to assume his duties as the Minister of Finance and Economic Affairs at the Finance Ministry in Colombo, Sri Lanka October 31, 2018. REUTERS/Dinuka Liyanawatte

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New Delhi: The Colombo government will receive six million USD from India for Maritime Rescue Coordination Centre. The Cabinet of Ministers has given the green light to establish a Maritime Rescue Coordination Centre in Sri Lanka with a grant of $6 million from India.

“India has agreed to provide the required financial assistance for this Maritime Rescue Coordinating Centre,” The Government of Sri Lanka said. A Memorandum of Understanding (MoU) with the government of India and an agreement with Bharath Electronics of India will be signed.

Bharat Electronics Limited is an Indian government-owned aerospace and defense electronics company, which primarily manufactures advanced electronic products for ground and aerospace applications.

In the last few years, the financial condition of Sri Lanka has weakened, and the foreign reserve of the country has also plummeted. Sri Lanka, Nowadays heavily dependent on India for help and financial support.

The Sri Lankan government hoped that – longstanding partner Saudi Arabia can include the hiring of more of the country’s skilled workers, and increase trade and two-way investment in local industries.

Sri Lankan State Minister Tharaka Balasuriya said “We discussed several issues, both pertaining to foreign employment, to increase opportunities for Sri Lankans in Saudi Arabia; and also on the investment front, how Saudi Arabia and Sri Lanka can collaborate and see how we can develop mutually beneficial investment to and from Sri Lanka. We have looked (at) and discussed how to increase the numbers of Sri Lankan workers, and also we want to concentrate more on the high-end workers rather than getting the housemaids and other low-end workers coming to the Kingdom.”

(Vinayak)