By promoting free trade, SAARC countries to the maximum extent possible can deploy the law of comparative advantage which will lead to higher income for their citizens.
By encouraging financial flows, countries in the region can make use of savings from outside it, making possible more investment. And by encouraging foreign direct investment, SAARC can gain access to technology, knowledge, and managerial expertise from abroad, and trigger vertical integration and the development of supply chains. One important goal should be to make the region as a whole attractive to investors, said President Federation of Chamber of Commerce and Industry Sarath Kahapalachchi.
"One way in which the nations of SAARC can take advantage of the opportunities afforded by globalization is through regional integration and greater openness to trade and investment. Our region has many issues on trade due to existence of non-tariff barriers. We at Federation of Chambers of Commerce and Industry of Sri Lanka commenced Indo Ceylon Economic dialogue called ICE dialogue with Federation of Indian Chamber of Commerce and Industry which paved the way for identification of crucial non-tariff measures that block the free flow of goods between Sri Lanka and India. Our findings have been taken up seriously by key stake holders such as government of India and Sri Lanka, he said making the opening speech at SAARC investment forum. Our world is experiencing a wave of economic and financial challenges. Therefore, not that every state enjoying fruits of globalization and openness. We need to come up with a response to those who have lost out from globalization and to those it has not yet reached. I am sure this forum will try to address this issue as well specially within the context of our SAARC countries.
I know we cannot solve all of the problems of globalization at this conference. But we can make an important contribution with regard to investment opportunities and policies that have the potential to deliver some of its benefits," he said.
Prime Minister Ranil Wickremesinghe participated as the Chief Guest,Vignettes of the event. (SS)
(Pictures by Saman Sri Wedage)
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