Ceylon Chamber launches ‘Vision 2030’ policy document

Handing over Vision 2030 to President Ranil Wickremesinghe

Handing over Vision 2030 to SJB

 Handing over Vision 2030 to NPP

• Designed to encourage bipartisan approach towards sustainable and inclusive development

The Ceylon Chamber of Commerce launched its landmark policy document, ‘Vision 2030,’ designed to steer Sri Lanka towards sustainable and inclusive development by 2030. 

The inaugural copy of this comprehensive economic plan was presented to President Ranil Wickremesinghe. The document will also be distributed to political party leaders, the Central Bank Governor, and the Treasury Secretary, to promote a bipartisan approach towards prioritising the national economy and public welfare. 

‘Vision 2030’ sets forth a Five-Year Economic Plan focusing on various sectors, each with targeted goals and strategic policy interventions aimed at transforming Sri Lanka’s economic landscape. Among the critical sectors it addresses are healthcare, agriculture, education, and logistics, while also emphasising key enablers like tax reforms, trade reforms, digitalisation, and power and energy reforms

The Digital Sector aims to increase the digital economy’s GDP contribution to 10% (up from 5% in 2023), implement a successful Digital ID system, reduce cash transactions by 30%, and foster 10 globally recognised startups through partnerships with leading universities. Key policy interventions include establishing a Digital Transformation Agency, implementing a Unified Digital Infrastructure, expanding rural broadband, and establishing national data protection and cybersecurity measures.

In the Investment Promotion and Facilitation sector, the plan targets annual FDI inflows of $ 5 billion (up from $ 774.8 m in 2023) and creating 100,000 new jobs, streamlining investment approvals, liberalising foreign investment rules, and positioning Colombo Port City as a regional hub for finance, retail, and entertainment.

To achieve a thriving Entrepreneurship and SME Development sector, Vision 2030 aims to raise the GDP contribution to 60% (from 52% in 2013) and SME employment to 55% (from 45% in 2013), with 30 companies listed on the Empower Board of the Colombo Stock Exchange. This will be achieved through educational reforms, streamlined business services, enhanced R&D access, simplified regulations, and improved financial support for SMEs.

The Ports, Shipping, and Logistics sector targets a top 50 ranking on the Global Logistics Performance Index, 100% integration of key border agencies into the National Single Window, and full digitalisation of port operations. Key interventions include digitalising port operations, implementing PPPs for infrastructure modernisation, and upgrading Colombo Airport into a regional hub.

The goal for Public Transport, is to increase the public transport modal share to 60% (from 39% in 2017), convert 30% of buses to electric, and achieve 90% punctuality and reliability in services. This will involve implementing a bus route franchising model, introducing digital tracking for buses, promoting electric buses, and developing an integrated LRT system.

The Social Protection sector aims to reduce the poverty rate to less than 10%, provide healthcare coverage for 90% of the population, and ensure 100% social safety net coverage for target beneficiaries. Policy interventions include digitalising the “Aswesuma” Database, adequately compensating critical Government positions, implementing a tiered tuition fee structure for higher education, and providing targeted allowances and support for children with disabilities.

Additionally, Export Promotion and Facilitation aims to increase exports of goods and services to 30% of GDP (from 14% in 2023), develop 2-3 new sectors each generating $ 1 billion in export revenue, and increase exports to non-traditional markets by 25%. This will be supported by establishing a One-Stop Shop for investment in export-oriented ventures, implementing trade facilitation measures using a TFA+ approach, setting up accredited laboratories for product certification, enhancing market access with FTAs, establishing dedicated Export Zones, and shifting Sri Lankan missions towards commercial diplomacy with specific export growth targets.

The Ceylon Chamber of Commerce Chairman Duminda Hulangamuwa emphasised the significance of this initiative, stating, “Vision 2030 is not just a policy document; it is a blueprint for a prosperous and sustainable Sri Lanka. By addressing critical sectors like healthcare, agriculture, education, logistics, and the digital economy, and highlighting the importance of robust economic policies, tax reforms, trade reforms, and digital advancements, we are paving the way for a future where economic growth, social well-being, and environmental sustainability go hand in hand. 

By setting clear targets and actionable policies, the Chamber aims to foster economic growth, social well-being, and environmental sustainability in Sri Lanka. The Chamber stands ready to support the government in implementing these policies, ensuring that the business community’s needs are met and that the country moves towards a prosperous and equitable future. 

Access the comprehensive document at https://www.chamber.lk/wp-content/uploads/2024/08/Vision_2030_Five_year_Economic_Plan_by_CCC_v1.pdf.