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India overtakes China as Sri Lanka's main import source nation

Press Trust of India  |  Colombo 

has emerged as Sri Lanka's biggest importing source nation ahead of and Singapore, a senior minister said today.

accounted for 18 per cent of Sri Lanka's total while the corresponding figure for was 16 per cent and that for was 9 per cent, Investment Promotion Minister Lakshman Yapa Abeywardene told reporters.

He said this was a direct result of the Free Trade Agreement (FTA) with

is the only other nation with whom has signed the FTA.

Abeywardene said India is Sri Lanka's third largest export market with 5 per cent of going to the giant neighbour.

The US with 24 per cent and the with 10 per cent are ahead of India.

The Minister said the foreign direct investments into doubled from a year earlier to USD 442 million in the first quarter of 2014.

He said 36 per cent of the investments came into the tourism sector, 26 per cent into utilities, 15 per cent into infrastructure, 7 per cent into industry and 4 per cent into apparel sector.

In 2013, the country was able to attract FDIs worth USD 1,391 million, a 4 per cent increase from 2012 figure of USD 1338 million.

First Published: Thu, May 29 2014. 18:36 IST