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India-Sri Lanka Collaboration and future of Indian Ocean Region

This is a subtitle, lets see how it looks!

4 minutes read

India-Sri Lanka Collaboration and future of Indian Ocean Region

This is a subtitle, lets see how it looks!

4 minutes read

Key Points:

  • India and Sri Lanka joined hands to create a bold alliance, envisioning a transformative petroleum pipeline and a potential game-changing land bridge, bolstering ties in the Indian Ocean Region.
  • The rise of India’s currency as a dominant force signifies a shift towards a unified monetary system in the region, fueling India’s growing influence.
  • Striking a delicate balance, India seeks to strengthen its presence in Sri Lanka while remaining cautious of replicating Cuba’s surveillance history during the Cold War.
  • Pakistan’s pivotal role in the Indian Ocean Region demands closer ties with neighboring nations, unlocking strategic opportunities for regional cooperation.
  • The proposed petroleum pipeline between Sri Lanka and India reflects India’s expanding global outreach and energy connections, solidifying its position in the international energy landscape.
  • A vision of enhanced connectivity, renewable energy, and technological agreements unfolds as India and Sri Lanka embark on a journey towards a prosperous and interconnected future.

Dr Qamar Cheema in his recent podcast stated that when nations join hands to work towards common goals, significant progress and development can be achieved. The recent collaboration between India and Sri Lanka stands as a testament to this notion. Both countries have expressed their commitment to conducting feasibility studies aimed at establishing a petroleum pipeline and exploring the potential of a land bridge, fostering stronger economic and strategic ties.

He mentioned that during a two-day visit to India, Sri Lankan President’s ambitious agenda highlighted the growing partnership between the two neighboring nations. India’s Prime Minister, Narendra Modi, emphasized the desire for a stable and prosperous Sri Lanka, not only in India’s favour but also for the betterment of the entire Indian Ocean Region (IOR).

A prime example of India’s commitment to supporting Sri Lanka during challenging times was evident when India extended a substantial financial assistance package of $4 billion during Sri Lanka’s crisis. In contrast, Pakistan’s approach during a similar visit by former Prime Minister Imran Khan to Sri Lanka was centred solely on offering a $50 million credit line for defence.

The joint vision between India and Sri Lanka encompasses an economic partnership aimed at enhanced connectivity. A key element of this vision is the proposed petroleum pipeline that would supply energy sources affordably and reliably to both countries, primarily the southern regions of India and Sri Lanka. With India’s global outreach and connections with energy-rich nations like Iran, Russia, and Central Asia, the project signifies India’s expanding influence in the region.

Dr Cheema was of the belief that one notable implication of this collaboration is the growing acceptance of the Indian currency in trade and transactions within the IOR. As more countries in the region engage with India economically, the Indian rupee is increasingly being adopted as a designated foreign currency for transactions, potentially solidifying its position as the currency of choice in the region.

The idea of enhanced connectivity between India and Sri Lanka, including the proposed land bridge, has been under discussion since 2002. India’s interest in strengthening its foothold in Sri Lanka is partly driven by concerns over China’s activities in the country, fearing a situation reminiscent of Cuba during the Cold War.

However, India must be cautious in its approach, as the economic partnership with Sri Lanka can be precarious. Sri Lanka’s dependence on India for critical resources could lead to a delicate balance wherein India has significant leverage, but it must tread carefully to avoid any perception of dominance.

Dr Cheema stressed that both countries are actively exploring areas of mutual cooperation, such as renewable energy, fintech connectivity, and technology agreements. India’s goal of achieving ease of payment flow mechanisms and moving towards a single currency could cement its soft power and influence within the region.

While the India-Sri Lanka partnership takes on a more proactive and assertive approach, Pakistan should also focus on developing robust trade and diplomatic ties with countries in the IOR. Strengthening ties in the region would enable Pakistan to harness its strategic location and contribute significantly to regional stability and development.

The collaboration between India and Sri Lanka holds immense potential for shaping the future of the Indian Ocean Region. As the two countries work towards a joint vision of enhanced connectivity and economic partnership, the implications for the region’s dynamics and India’s growing influence are significant. However, all parties involved must approach this partnership with a balance of mutual benefit and cooperation to ensure long-term success and stability for the entire Indian Ocean Region.

 

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