KARAINAGAR BOATYARD IN SRI LANKA

GS 2 – INTERNATIONAL RELATION

India has pledged financial assistance of 290 million Sri Lankan Rupees (LKR) to rehabilitate and develop the Karainagar Boatyard in Sri Lanka’s Northern Province.

Significance:

1. Manufacturing Boost: Karainagar Boatyard holds historical importance for boat manufacturing, contributing significantly to the region’s economy.
2. Livelihood Enhancement: The initiative is expected to create increased livelihood opportunities for local fishermen in the Northern Province.
3. Employment Generation: Direct employment will be generated within the boatyard, along with indirect job opportunities through associated businesses.
4. India-Sri Lanka Relations: India’s assistance aligns with its Neighbourhood First Policy, fostering regional cooperation and strengthening bilateral ties.
5. Fisheries Sector Growth: Improved access to quality fisheries products will support the overall growth of the fisheries sector.

Other Indian Assistance in Sri Lanka:

India has extended over USD 4 billion in development assistance and lines of credit to Sri Lanka for projects in infrastructure, education, health, and community development. Additionally, India supports various initiatives like the restoration of the historic Thiruketeeswaram Temple and provides fishing community assistance, including boats, nets, and outboard motors to local fishermen.