Sri Lanka’s Prime Minister says country is building long term financial stability by diversifying its exports
Prime Minister Ranil Wickremesinghe has reportedly said the government is in the process of building long term financial stability by diversifying its exports.
The Prime Minister has told CNBC that Sri Lanka’s exports are moving beyond the traditional tea and apparel into higher-value goods and services, in an interview conducted on the sidelines of the World Economic Forum on ASEAN in Hanoi, Vietnam.
Despite concerns voiced earlier this month by ratings agency Fitch about a “challenging” external debt servicing outlook, high government debt and political uncertainty following regional polls, Wickremesinghe has said that he didn’t believe Sri Lankan sovereign bonds were on the verge of a downgrade.
“We and many others are running deficits in Asia and that certainly would be a matter of concern, but so far we have been able to negotiate with the rating agencies and it has certainly not affected our borrowing capacity,” the Prime Minister has said.
The Prime Minister’s statement on promoting the diversification of exports will result in the expansion of investment opportunities in Sri Lanka for foreign businesses/investors. Interested investors could look at forming partnerships with local companies and engage in the export sector using the benefits of the many trade agreements and trade concessions enjoyed by Sri Lanka.
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