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Wednesday Apr 24, 2024
Friday, 5 October 2018 00:00 - - {{hitsCtrl.values.hits}}
By Charumini de Silva
The Government on Wednesday reiterated its commitment to take all necessary steps to unleash Sri Lanka’s potential as a trade hub in the Indian Ocean, while launching the Trade Facilitation Framework for Multi-Country Consolidation (MCC) with the assistance of the Global Alliance for Trade Facilitation (GAFT) together with Women in Logistics and Transport (WiLAT) Sri Lanka and Verite Research in Colombo.
The project aims to work collaboratively to identify and address bottlenecks that prevent Sri Lanka from reaching its full potential in provision of MCC services. The project will increase efficiency and reduce the cost of transit services and increase value addition undertaken in the country. Sri Lanka is the second developing country in Asia selected by GAFT.
Addressing at this landmark event, Development Strategies and International Trade Minister Malik Samarawickrama said the launch of the MCC project is a testament to the confidence placed in the Government’s reform agenda to shape Sri Lanka into a more trade and investment-driven economy from the public debt fuelled model.
“The strategic location of our country in the Indian Ocean, closer to main sea routes is one of the greatest assets Sri Lanka has, but it is not enough to be a hub. We have to put the key building blocks in place to leverage on the opportunity. We have a fast growing port, world-class efficient terminal operators. The next building block will be MCC to give us the new-age edge as a trade and logistics hub,” he added.
In this fourth industrial revolution and growth of e-commerce, where trade will be driven by digital, the Minister believes MCC will be a great boost to Colombo’s effectiveness as a hub for third party logistics.
Samarawickrama said although many have been boasting about creating Sri Lanka a maritime hub, the decision makers have postponed much needed reforms for more than a decade.
“There is a lot of talk about the potential, but not enough action on the actual things to realise the potential. Hopefully the reforms that are taking place will complement in making Sri Lanka an attractive place to invest and hub for trade. The MCC project will be a very specific and impactful initiative to realise this potential,” he emphasised.
The Minister said MCC project also will complement the recently introduced National Export Strategy (NES), where logistics is identified as one of the four important trade support functions by its exports.
He noted that the Government is also engaging with the World Economic Forum (WEF) on how to latch on to the opportunities presented by the fourth industrial revolution, which is totally changing the production system and supply chains.
“We might be a relatively small fish, but if we can be fast, we can survive and thrive. In that context, MCC will play a key role as Sri Lanka engages more in the world of e-commerce and digitally driven supply chains,” Samrawickrama added.
The Minister called all stakeholders to come together to make this project a reality and implement soon in a smooth way, while assuring fullest support of his Ministry, Ports and Shipping Ministry as well as Sri Lanka Ports Authority (SLPA).
GAFT is a public-private platform that leverages business expertise, leadership and resources to support effective trade facilitation reforms that foster broad-based opportunity and economic growth in both developing and least developed countries.
