As large global economies are becoming more and more protectionist, "it is time the neighbouring countries enhance their economic engagement and take mutual advantage of a vast market, tapping the resources of South Asia", he said.
"With a vast metro rail network under implementation in more than 30 cities, India has gained expertise in urban rail projects, which can be offered to Sri Lanka. Cities like Colombo can leverage Indian expertise in metro rail, while our large construction firms can further strengthen their presence in the neighbouring country," Goenka said.
Similarly, India's gems and jewellery sector can leverage Sri Lanka's enviable treasure of precious stones for third country exports, he added.
There is a great scope for mutual engagement in textile value-added products, marine products, processed foods along with logistics.
"Some of Indian retail giants can also look forward to opening stores in Lankan cities where people have tastes and choices similar to consumers in India," Goenka said.
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