COLOMBO: The government of Sri Lanka hopes to create an environment conducive for favorable exports and investment prospects in order to make the country the business, logistic and financial hub of the Indian Ocean, the island nation’s Prime Minister Ranil Wickremesinghe said today.
Addressing the 16th edition of the World Export Development Forum (WEDF) in Colombo today, the Premier said the focus must shift towards Sri Lanka’s export market, which will avail the creation of many job opportunities. The flagship event of the International Trade Centre (ITC) commenced this morning under the auspices of Prime Minister Ranil Wickremesinghe.
Noting that opportune moments to generate income and jobs were missed in the past, the Prime Minister asserted that with the united effort of the National Government under the guidance of President Maithripala Sirisena, the goal of generating one million jobs which will enable citizens to enter the middle-working class can be achieved. “Therefore, we hope to make Sri Lanka the business, logistic and financial hub of the Indian Ocean,” the Premier said.
He said the government is also engaged in developing the three major ports of Colombo, Hambantota and Trincomalee as well as the airports in Katunayake and Mattala, and making facilities for logistics and communications available.
“Through these, we hope to create an environment conducive for favorable exports and investment prospects,” he said.
The Premier said the government is working towards to regain the European Union’s Generalized System of Preferences (GSP) plus tariff concession that was withdrawn by the EU during the previous government’s poor human rights record.
“Sri Lanka and Bangladesh were given GSP plus around the same time but we gave it up. Bangladesh kept it and experienced fast export growth,” he pointed out. The Premier said he will be traveling to Brussels on Saturday to begin talks on restoring the GSP+ facility.
Prime Minister Wickremesinghe said the present government is focused on linking the Southern India states to create a Bay of Bengal economic area and the proposed Economic and Technology Cooperation Agreement will also help to link the rapidly growing region. He added that the initiative will be followed up with trade agreements with other Bay of Bengal nations.
“What we hope to achieve is a future which is bright for the youth of Sri Lanka, so that they may carry forward the development of our nation,” he said.
This WEDF, co-hosted by ITC and the Ministry of Development Strategies and International Trade of Sri Lanka, through the Sri Lanka Export Development Board (EDB), is themed “Trade for Success: Connect, Compete, Change”.
The forum, which brings together over 600 business leaders, policymakers, heads of trade and investment support institutions and international trade development officials to address international competitiveness for developing countries, helps businesses to navigate the new trade and development landscape.
