Sri Lanka among top 20 ‘Rising Stars in International Trade’ due to positive reforms
Sri Lanka’s Minister of Development Strategies and International Trade Malik Samarawickrama has reportedly said the government’s reforms to make the country a more trade-oriented economy have resulted in Sri Lanka being recently placed among the top 20 ‘Rising Stars in International Trade.’
Sri Lanka was recently ranked 14th among 20 countries that are ‘most rapidly improving potential for trade growth’ in a report titled “Trade 20: Rising Stars in Global Trade” by international banking giant, Standard Chartered.
Sri Lanka has been recognised for excelling in the ‘Trade Readiness’ score and trade infrastructure upgrades, with particularly strong progress in terms of digital infrastructure have also been acknowledged.
The report has examined 12 metrics across 66 global markets (the major global economies plus the major economies in each region) to reveal the economies where recent positive developments point to an acceleration in trade growth potential.
A media release by Sri Lanka’s Ministry of Development Strategies and International Trade has stated that the Minister had noted that this latest recognition reflects the developments made over the last four years under the Sri Lankan government’s trade and competitiveness reform agenda, like further digitalization of the Customs Department, enabling online customs payments via any bank, introducing digital signatures legislation, and establishing the National Trade Information Portal.
Steps are also underway to establish an electronic National Single Window and improve digitalization at all agencies that impact border facilitation while new infrastructure investments are also being made, for instance the development of the East Container Terminal at Colombo Port, the elevated port access road to ease congestion, the facility for Multi-Country Consolidation warehousing in Colombo, and the development of the industrial port at Hambantota.
Samarawickrama has further stated, “This is a powerful global endorsement of our reform initiatives to provide an enabling environment for businesses – small or large – to participate in international trade. Our Government’s focus has been to usher in a new era of trade and enterprise-driven dynamism for our country, reverse the anti-trade bias of the past and move away from the unsustainable and unsuccessful growth model that was heavily reliant on government spending. We intend to continue this. If we are to truly become the regional hub that many speak of, it has to be through international trade. This recognition of Sri Lanka among the top twenty economies with the most rapidly improving potential for trade growth should be welcomed by all in the private and public sector and support more reforms in this direction.”
OSL take:
Sri Lanka has been performing well in the sphere of international trade during the past few years. Sri Lanka’s geographical positioning in the Indian Ocean, the ease of doing business environment in the country and the many trade agreements as well as trade concessions enjoyed by the country have made it an attractive business destination in the South Asian region. The country’s progressive economic policies have also been hailed by the international community. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/25102019/Z_3 |