LKR 500 Billion investment in the next five years to achieve Export targets

Prime Minister Ranil Wickremesinghe says it is necessary to take a massive leap forward based on successful reforms to embark on a rapid development trajectory through a digital economy geared towards exports.

The Premier held a particular discussion at Temple Trees with the representatives of the Sri Lankan Chamber of Commerce on the Chamber's series of proposals to develop the local economy. Prime Minister Wickremesinghe pointed out that in 2015 the government had to take on an unsustainable debt burden but it has now resolved the challenge of moving the country towards a road to reform the economy while relieving the debt burden.

The Prime Minister further claimed that by easing its debts, the government accepted the challenge to bring the country to a high economic level. He pointed out that the state can escape the debt burden by 2030 by quick forward action and generate jobs and new income streams.

Everyone at the meeting accepted that an export-oriented economy could achieve these new employment and income avenues. Often discussed were the practical problems and difficulties faced by businesses from a small business to a large-scale business venture. Representatives of the Chamber of Commerce found out that there was an urgent need for a framework to provide all services efficiently through one platform.

At the conference, proposals on several issues were thoroughly shared, including the transformation of agriculture, the financial sector, small and medium-sized enterprises, transportation and transportation services, administrative problems, regulations and rules, private health services and education.

The importance of finding a collective agreement on the changes to be carried out in conjunction with other boards and organisations was also stressed. Also, Prime Minister Wickremesinghe briefed the gathering on the trade and commercial space around the Kandy-Colombo-Hambantota Expressway and the North and East Economic Development Program.

OSL Take: 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.

VBS/AT/18102019/Z_TB2