Wednesday Nov 06, 2024
FT
Wednesday Nov 06, 2024
Saturday, 12 August 2023 01:32 - - {{hitsCtrl.values.hits}}
President Ranil Wickremesinghe this week highlighted the significance of embracing digital transformation for achieving rapid economic growth in today’s dynamic global landscape to propel Sri Lanka into a new era.
Speaking at the launch of crucial trade facilitation initiatives in collaboration with the International Trade Centre (ITC he said that in the 21st century, outdated bureaucratic systems cannot facilitate effective competition in the modern economy, necessitating a comprehensive overhaul of processes to modernise Sri Lanka’s economic infrastructure.
“The challenges that have been faced have underscored the importance of transforming into a competitive and export-oriented economy. To achieve this, it is not only essential to restructure the economy but also to empower and facilitate the private sector, particularly in the realm of trade. Trade plays a pivotal role as the essence of economic growth. Through trade facilitation, Sri Lanka can bolster its prospects for growth and advancement. The service that has been launched today is a vital component, contributing to both the restructuring of the economy and enabling digital transformation,” the President said.
Acknowledging that streamlined processes are just the beginning, President Wickremesinghe highlighted the swift implementation of the new economic commission law. “This legislative measure aims to expedite applications, whether for investments or trade, within specific timeframes, further propelling the country’s transformation. This transformation requires a comprehensive overhaul of regulations and perspectives, going beyond the establishment of a one-stop centre. Embracing change across the board is crucial to Sri Lanka’s success in today’s dynamic economic landscape,” he added.
He stressed that trade plays a pivotal role in economic growth and expressed optimism about strengthening Sri Lanka’s growth prospects through enhanced trade facilitation and digital transformation.
President Wickremesinghe also emphasised that a comprehensive shift in regulations and perspectives is necessary to fully realise the potential of modernisation.
Noting that the application to join the Regional Comprehensive Economic Partnership (RCEP) reflects the pursuit of vast opportunities in a significant market. However, gaining access to such markets hinges on trade facilitation and digital transformation. “Engagements with India to upgrade trade arrangements highlight the advantages of trade facilitation. It has proven beneficial in dealing with major players like the European Union and American markets, enhancing the nation’s trade prospects. Trade facilitation and digital transformation are vital for propelling Sri Lanka into new markets, streamlining processes, and maximising economic opportunities on the global stage,” he pointed out.
The President stressed that a crucial aspect of the efforts is the promotion of trade integration, closely linked to the ease of trade facilitation.
“Enhancing Sri Lanka’s position in the ease of doing business index is a priority in this regard. To achieve this, a well-functioning global trading system is essential, and the World Trade Organisation (WTO) has played a significant role in this arena since its establishment after the fall of the Berlin Wall, contributing to the era of globalisation,” he said.
Acknowledging that the WTO serves as the arbitrator on the rules of trading, ensuring a fair and regulated global trade environment, he extended gratitude to the ITC, which has been instrumental in supporting our efforts to promote trade integration.
“Their valuable assistance has been pivotal in advancing Sri Lanka’s trade objectives and fostering economic growth. Through trade integration, facilitated by organisations like the WTO and the ITC, we are optimistic about improving Sri Lanka’s position in the global trade landscape and enhancing the ease of doing business for the benefit of our nation’s prosperity. Indeed, there are current concerns surrounding trade, particularly concerning talks of decoupling and de-risking.
Regarding global trade concerns, the President highlighted the importance of maintaining a well-functioning global trading system. While acknowledging the flaws of globalisation, he noted its significant contributions to rapid economic development in Asian regions.
President Wickremesinghe emphasised the need for collective decision-making and adherence to WTO rules to prevent negative consequences on smaller economies.
The President appreciated the work that has been done in the plant quarantine sector and assured to continue the efforts in other areas and sectors as well.
Minister Mahinda Amaraweera, State Ministers Shehan Semasinghe, Kanaka Herath, Dilum Amunugama, Deputy Ambassador of the Embassy of Germany Olaf Malchow, International Trade Centre Director Dr. Rajesh Aggarwal and other officials attended this event.
