Prime Minister Narendra Modi on Friday said that the world has started to see India as the 'new frontier' of economic development, adding that Sri Lanka has the potential to be New Delhi's strongest trade partner.
"My vision of an ideal neighbourhood is one in which trade, investments, technology, ideas and people flow easily across borders; when partnerships in the region are formed with the ease of routine. In India, the growth momentum has been restored. India has become the fastest growing major economy in the world. The world sees India as the new frontier of economic opportunity," Prime Minister Modi said, while addressing the Sri Lankan Parliament here.
"But, our neighbours should have the first claim on India. And I again repeat, the first claim on India is of our neighbours - of Sri Lanka. I will be happy if India serves a catalyst in the progress of our neighbours. In our region, Sri Lanka has the potential to be our strongest economic partner. We will work with you to boost trade and make it more balanced," he added.
Prime Minister Modi also called for the two sides to harness ocean economy.
"India's trade environment is becoming more open. Sri Lanka should not fall behind others in this competitive world. That is why we should conclude an ambitious Comprehensive Economic Partnership Agreement. India can also be a natural source of investments - for exports to India and elsewhere; and to build your infrastructure. We have made good progress today. Let us get together to harness the vast potential of the Ocean Economy," he said.
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"Our two nations must also take the lead in increasing cooperation in the South Asian Region and the linked BIMSTEC Region. Connecting this vast region by land and sea, our two countries can become engines of regional prosperity. I also assure you of India's full commitment to development partnership with Sri Lanka. We see this as a responsibility of a friend and neighbour," he added.
Prime Minister Modi further spoke of India's committed developmental assistance to Sri Lanka.
"India has committed USD 1.6 billion in development assistance. Today, we have committed further assistance of up to USD 318 million to the railway sector. We will continue our development partnership. We will be guided by your Government. And, we will do so with the same level of transparency that we expect in our own country. Last month we signed the agreement on cooperation in peaceful uses of nuclear energy. More than anywhere else in the region, I see enormous potential to expand cooperation with Sri Lanka in areas like agriculture, education, health, science and technology, and space," he said.
"We are limited only by our imagination. We hope that Sri Lanka will take full benefit of India's satellite for the SAARC Region. This should be in Space by December 2016," he added.
Prime Minister Modi also called for increasing connectivity between the two nations.
"People are at the heart of our relationship. When we connect people, bonds between nations become stronger. That is why we have decided to extend the visa-on-arrival facility to Sri Lankan citizens," he said.
"We will also increase connectivity between our countries. We will strengthen ties of culture and religion. Last month we announced reduction in fees for Sri Lankan nationals visiting National Museum in Delhi to see the Kapilavastu Relics. We will bring our shared Buddhist heritage closer to you through an exhibition. Together, we will develop our Buddhist and Ramayana Trails. My birth place Varnagarh was an international centre of Buddhist learning in ancient times. Excavations have revealed a hostel for 2000 students and in plans to redevelop the centre," he added.
Earlier in the day, Prime Minister Modi expressed his delight to be in Colombo and said that India is privileged to be Sri Lanka's development partner.
He also called for a long term solution to the fishermen issue, stating that it involves livelihood and humanitarian concerns on both sides.
