Since implementation of the India-Sri Lanka FTA in 2000, bilateral trade has almost quadrupled. The billion dollar mark was crossed in 2002 and the 2 billion dollar mark was reached in 2005. For the first six months of the current year, bilateral trade has already netted $ 1.2 billion. India today is the largest source of Sri Lankan imports and the third largest export destination for Sri Lankan products. Inspired by this impressive growth in economic and commercial relations and also to further bolster these growth trends, Indo - Lanka Chamber of Commerce and Industry was launched today by Mr. P. Chidambaram, Minister of Finance, Government of India. Also present on the occasion were Mr. Rohitha Bogollagama, Minister for Investment Promotion and Enterprise Development. and Mrs. Nirupama Rao, High Commissioner of India.

The Ceylon Chamber of Commerce has been instrumental in promoting trade with India, and currently has a special Desk dedicated for this purpose. The Chamber also has a bilateral Business Council - Association for Sri Lanka India Economic Development ASIED - promoting trade, investment and tourism between Sri Lanka and India. The Chamber also partners the Confederation of Indian Industry (CII) in the Joint Economic Council JEC which meets twice a year alternately in Sri Lanka and India, to discuss and promote matters of mutual interest to the two countries.

As a logical continuation of the existing economic linkages and considering the burgeoning economic relations, the Ceylon Chamber of Commerce has now initiated the Indo-Lanka Chamber of Commerce & Industry ILCCI, aligning all activities with India under one umbrella. The Chamber would have among its members business houses having stakes in the India-Sri Lanka bilateral economic relationship. This would be the first bilateral chamber of its kind. The objectives of the new Chamber are; Promotion of trade, tourism and services between Sri Lanka and India; To encourage the establishment of joint ventures in Sri Lanka & in India, between Indian and Sri Lankan investors ; to exchange information on trade and investment with the appropriate Organisations in India; To conduct joint meetings with Indian business organisations in Sri Lanka and in India; To serve as a recognised representative of business sector interests in Sri Lanka in matters concerning business relationships with India; To co-operate with the Government of Sri Lanka in the pursuit of the above objectives; and To undertake all matters that are incidental or conductive to attaining the above objects.

Membership of the Chamber has already reached a hundred and includes leading Sri Lankan companies like Associated Motorways Ltd, Carsons Cumberbatch & Co Ltd, Asha Agencies Ltd, Abans Ltd, A Baur & Co Ltd, Ceylon Biscuits Ltd, Dankotuwa Porcelain, Ceylon Tobacco Co Ltd, DSI Samson Group Expolanka Ltd, Forbes and Walker Ltd, Hirdaramani (Industries) Ltd, Tokyo Cement Company (Lanka) Ltd and Unilever Ceylon Ltd. Indian companies like ICICI, Ceylon Glass, MaFoi have already become members. Other companies that have shown interest are Lanka IOC, CEAT, Apollo, Ashok Leyland, Taj Hotels, Tata Motors etc.