Govt. assures export thrust

By Charumini de Silva

The Government on Tuesday reiterated its commitment to boost exports and Foreign Direct Investment, noting the twin strategy was key for Sri Lanka’s future success. Development Strategies and International Trade Minister Malik Samarawickrama reaffirmed his stance to assist exporters, assuring that his Government would leave no stone unturned in supporting foreign exchange earners.

Addressing the 20th Presidential Export Awards, the Minister said Sri Lanka was currently at a juncture where it could no longer depend on debt-financed development and insisted on a viable development strategy that would bring in more foreign exchange to the country via export promotion and FDIs.  

He said making the transition from debt-burdened public investment to a private sector-led export and FDI-based development strategy remained challenging and was the only option available for Sri Lanka at present. 

While the internal reforms are undertaken, the Minister pointed out that it was important to simultaneously look to integrate with the rest of the world to connect and compete to achieve wider market access.  

“We are framing outward-looking trade and investment policies, which aim to revitalise Sri Lanka’s export competitiveness and integrate the country more closely with the region as well as the rest of the world. Therefore, it is imperative that we find new markets and carve out preferential market access to them,” he added.  

Samarawickrama urged the exporters to look beyond the horizon and join hands with the Government to make necessary and vital changes for long-term sustainable benefits for them as well as for the people of Sri Lanka.

The 20th Presidential Export Awards ceremony organised by Sri Lanka Export Development Board (EDB) was held under the patronage of President of Maithripala Sirisena on Tuesday at the BMICH.

A total of 113 awards were presented for 2014 and 2015 at this ceremony. 

Central Bank Governor Dr. Indrajit Coomaraswamy in his speech stressed that the Government’s commitment towards new comprehensive partnership agreements with China and Singapore as well as attempts to invigorate Free Trade Agreements with India and Pakistan would perhaps have the greatest potential to truly shift the needle in terms of exports.

“If we can get all these agreements on board, by next year this time (August), Sri Lanka will have preferential access to a market of about three billion people,” he added.

Further emphasising on the positive narrative, Dr. Coomaraswamy pointed out that there was a lot of effort going on already in terms of improving investment attraction, ease of doing business, trade policy and trade facilitation. 

“Of course, we would like to go it a little faster, but the direction is positive.”

He explained the toxic combination of populace politics and a deeply-entrenched entitlement culture on the part of the people as key phenomenon which have mutually reinforced the country’s economy in a major drag. 

Although it is a phase where the global economy is experiencing sluggish growth coupled with low international trade, Dr. Coomaraswamy asserted that Sri Lanka’s favourable location and excellent international relations with many countries would triumph in the current global context.

“The assets Sri Lanka has in terms of the location are immense. All in all we have an opportunity to grasp in order to create a new age for exporters in Sri Lanka.”

Ministers Ravi Karunanayake, Mahinda Amaraweera, Navin Dissanayake and Malik Samarawickrama, State Minister Sujeewa Senasinghe, Central Bank Governor Dr. Indrajit Coomaraswamy, EDB Chairperson and Chief Executive Indira Malwatte, Development Strategies and International Trade Ministry Secretary Chandani Wijewardana, International Trade State Ministry Secretary Anura de Silva and many others participated in the event.