In his media statement, Modi, referring to the economic difficulties in Sri Lanka last year, said India stood "shoulder-to-shoulder" with the people of the island nation during the crisis as a close friend.

The prime minister said firming up of an agreement for launch of the UPI payment system in Sri Lanka will result in fintech connectivity between the two sides.

The past one year has been full of challenges for the people of Sri Lanka, he said, adding that being a close friend, as always, India stands shoulder-to-shoulder with the people of Sri Lanka.

In his comments, Modi said the security interests and development of India and Sri Lanka are intertwined and it is necessary to work together keeping in mind each other's security interests and sensitivities.

Modi said a vision document for economic partnership has been adopted. He said the vision is to accelerate mutual cooperation in areas of tourism, power, trade, higher education, skill development and connectivity.