Thursday Nov 21, 2024
Thursday Nov 21, 2024
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Speaking in Parliament last week, SJB MP Dr. Harsha de Silva called for a mindset change in the house and urged greater trade integration for debt sustainability.
His comments came soon after a speech by President Ranil Wickremesinghe at the Nikkei Asia Forum in Tokyo on Friday.
De Silva emphasised the need for Parliament to move beyond petty politics, and called on all MPs to unite in determining the future of the country, raising three key points.
He noted trade integration and debt sustainability are strongly correlated. De Silva said severe import restrictions and corresponding export encouragement is not the solution, noting Sri Lanka is currently one of the most closed countries in the region. He also discussed the significance of trade integration in attracting foreign direct investment, advocating Sri Lanka to become a partner in producer-driven global production networks by vertically integrating into complex manufacturing with investments from established brands.
He expressed deep concern over Sri Lanka’s lack of progress in comparison to its neighbouring countries, which successfully transitioned from the apparel industry to electronics and biotech sectors.
Citing a recent media report from the Japanese Embassy, De Silva highlighted the issue of governance and transparency in economic policies. The Ambassador had expressed concerns about frequent changes in policies that eroded trust amongst Japanese businesses. De Silva acknowledged Japan’s significant contributions during Sri Lanka’s crisis and highlighted several key areas of support, including food aid, assisting women and other micro-entrepreneurs who faced hardships as well as providing $ 4.5 million of free fertiliser to aid 250,000 farmers.
He stressed that for long-term debt sustainability and economic growth, Sri Lanka needs to prioritise trade integration, break down protectionist barriers and build trade and investment bridges not only with Japan but also with countries like China, India, the EU and the US.
