New Delhi | India and Sri Lanka on Friday adopted an ambitious vision document to significantly expand economic partnership after wide-ranging talks between Prime Minister Narendra Modi and Sri Lankan President Ranil Wickremesinghe.

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.

The vision is to strengthen maritime, air, energy and people-to-people connectivity between the people of both the countries, he said.

Modi also said that it was decided that talks will start soon on an agreement on economic and technological cooperation.

He also hoped that the Sri Lankan government would fulfil the aspirations of the Tamil community.

Modi said a feasibility study will be conducted on the India-Sri Lanka petroleum pipeline.

On the fishermen issue, the prime minister said it should be handled under a humanitarian approach.

In his remarks, the Sri Lankan president said, "We believe that India's growth would be beneficial to the neighbourhood and Indian Ocean Region."