Singapore-Sri Lanka FTA is a clear demonstration of Sri Lanka’s commitment to re-integrate into the global economy and bring more economic opportunities for its businesses and the people of Sri Lanka, said Minister for Trade and Industry of Singapore S. Iswaran.
Speaking at the ‘Invest Sri Lanka’ Investor Forum in Singapore last Friday he said that for Singapore, this agreement marks another step-forward in their commitment to free and open markets, and to deepening their bilateral ties with Sri Lanka, and through Sri Lanka into the South Asian region.
“We are already starting to see the benefits of the Sri Lanka-Singapore Free Trade Agreement; the positive news surrounding the agreement has led to an uptick in interest from Singapore companies to partner Sri Lankan companies to invest in opportunities both within Sri Lanka and to use Sri Lanka as a hub to expand into the broader South Asian region.”
Prime Minister Ranil Wickremesinghe making the keynote address at the event stated that Sri Lanka is on the path of becoming an attractive place for business in South Asia, one of the fastest growing regions in the world and said, “This also means that for you in Singapore, Sri Lanka becomes a very advantageous hub to do business, to live, to invest in, to use as a springboard to South Asia and the Indian Ocean region, and as a link between South East Asia and South Asia.”
The Prime Minister emphasized on the commitments made by the Sri Lankan government towards economic reforms and improving the ease of doing business in Sri Lanka.
“We are very focused on fiscal consolidation, and the results are already visible, the tax to GDP ratio has improved, and ratings agencies are providing favourable outlooks. Next month, a new Inland Revenue Act will come into effect, providing a progressive, modern, and transparent income tax policy.”
“The Singapore-Sri Lanka FTA is part of a broader strategy of looking East to renew our trade relationships. While we focus on growing and sustaining our traditional markets of the US and Europe, we have begun to diversify our markets towards Asia and focus on plugging into Asian supply chains. This FTA is our first agreement with a South East Asian country , and we envisage this as a first step towards closer integration with the Regional Comprehensive Economic Partnership Agreement.”
“We know we can leverage on our strategic location to expand market access. Therefore we are expanding our trade and investment relationships with a diverse set of countries, such as the US, EU, India, China, Singapore, Japan, Malaysia, Thailand, and Indonesia.”
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