PM at the World Islamic Economic Forum
• PM tells World Islamic Economic Forum of Lanka’s economic plans.
• The principal factor leading to the growth of the Asian region is to expand Inter-Asian Trade in the next century.
• The Sri Lankan government also expects to seek the support of Japan in the economic development process.
• The unity government will forge ahead with the plan to ensure “free trade” and will take effective steps in future with regard to open market policy.
• Sri Lanka will also find ways and means to establish trade links with America and Britain.
• The Premier also called for removing the trade barriers between nations in Africa, the Middle East and Asia.
• Sri Lanka will also create trade investment links with the countries surrounding the Bay of Bengal including India, Malaysia, Thailand and Myanmar.
Prime Minister Ranil Wickremesinghe says the National Government comprising the two main political parties under the leadership of President Maithripala Sirisena is committed towards not merely Political Stability, but also Economic Stability.
The Premier delivering the keynote address at the opening session of the 12th Islamic Economic Forum in Jakarta today said with the hope of becoming the economic hub of the Indian Ocean, Sri Lanka’s action plan is to introduce to a large database of products and large-scale economic reforms for infrastructure.
Prime Minister Wickremesinghe said the government will forge ahead with the plan to ensure free trade and will take effective steps in future with regard to open market policy.
He said the Sri Lankan government has taken measures to regain the GSP+ facility by engaging in useful discussions with the European Union and the government expects to reach several bilateral agreements with key markets in the world.
He said Sri Lanka and India will sign the Economic and Technology Cooperative Agreement by the end of this year and also enter in to a free trade agreement with China next year, while discussions are being held with Singapore officials to establish a free trade agreement.
The Sri Lankan government also expects to seek the support of Japan in the economic development process.
Wickremesinghe said Sri Lanka will also create trade investment links with the countries surrounding the Bay of Bengal including India, Malaysia, Thailand and Myanmar.
Sri Lanka will also find ways and means to establish trade links with America and Britain. The Prime Minister said this will ensure that the path is drawn to claim free trade according to global trends.
The Premier also called for removing the trade barriers between nations in Africa, the Middle East and Asia.
“In an era where issues such as social justice, equality in the market economy and religious extremism are prevalent, the fertility of our nations now hinge upon us having an open dialogue and a willingness to compromise while keeping our historical trade backgrounds, multiple effects of globalisation, our unique religious ethics, practices and cultures and the current challenges and opportunities in mind.
“The principal factor leading to the growth of the Asian region is to expand Inter-Asian Trade in the next century.
We can see important steps to removing the barriers to Inter-Asian Trade taking place over the next decade,” he said.
OSL Take:
According to the statement issued by the PM’s office, Harvard University’s Center for International Development has done an initial growth diagnosis on Sri Lanka and has identified the following key areas they believe are important to support sustained and inclusive long-term growth.
1. Macroeconomic and Fiscal Stability
2. Structural Transformation and Competitiveness
3. Urbanization and Development
4. Regional Development and Social Inclusion
These are outlined as macroeconomic and fiscal stability, structural transformation and competitiveness, urbanization and development and regional development and social inclusion.
Macroeconomic and fiscal stability –Sri Lanka will face a formidable choice in determining the establishment of a solid foundation towards sustaining long-term growth through sound monetary and fiscal policy.
Structural transformation and competitiveness – The sustainability of economic growth calls for Sri Lanka to convert its comparative advantages towards initiating industries that can grow and expand while supporting higher wages.
Urbanization and development – The exact choices must be made in urbanization that will ensure the right balance of productivity, competitiveness and sustainability, which will also impact national development, and the sustenance of livelihoods.
Regional development and social inclusion – As Sri Lanka comes face to face with the challenges of structural transformation and urbanization, some sectors of the economy are likely to face a greater pressure than others, which may excessively affect some regions and social groups over others.
Sri Lanka has finally come to the conclusion of the importance of removing the “protectionist trade barriers” for the country to emerge as a powerful Asian Trading Hub by 2030.
To take on the challenges of the “economic transformation”, the Colombo Port Expansion and the USD 44 billion Western Region Megapolis Masterplan (WRMM) was launched by the unity government, and to complete the 140 mega-projects outlined in the WRMM, the PPP investment model is proposed now to the overseas investors.
OSL as the leading FDI generator to the island wants potential overseas investors to partner with OSL, to bid for the projects with our opportunity matchmaking expertise, and the biz-friendly OSL Team is ready to answer your inquiries 24X7.
| Article Code : | VBS/AT/03082016/Z-5 |