The Government’s reforms to make Sri Lanka a more trade-oriented economy are to be credited for the country’s recent recognition among the top 20 ‘Rising Stars in International Trade’, according to Minister of Development Strategies and International Trade Malik Samarawickrama.
Sri Lanka was recently ranked 14th among 20 countries that are ‘most rapidly improving potential for trade growth’ in a report titled‘Trade 20: Rising Stars in Global Trade’ by international banking giant, Standard Chartered. Sri Lanka has been recognised for excelling in the ‘Trade Readiness’ score. Trade infrastructure upgrades, with particularly strong progress in terms of digital infrastructure, have been acknowledged. The report examines 12 metrics across 66 global markets (the major global economies plus the major economies in each region)to reveal the economies where recent positive developments point to an acceleration in trade growth potential.
In a Ministry media release the Minister noted that this latest recognition reflects the developments made over the last four years under the Government’s trade and competitiveness reform agenda, like further digitalization of the Customs Department, enabling online customs payments via any bank, introducing digital signatures legislation, and establishing the National Trade Information Portal. Steps are also underway to establish an electronic National Single Window and improve digitalization at all agencies that impact border facilitation. New infrastructure investments are also being made, for instance the development of the East Container Terminal at Colombo Port, the elevated port access road to ease congestion, the facility for Multi-Country Consolidation warehousing in Colombo, and the development of the industrial port at Hambantota.
Commenting further on this global recognition, Minister Samarawickrama added, “This is a powerful global endorsement of our reform initiatives to provide an enabling environment for businesses - small or large - to participate in international trade. Our Government’s focus has been to usher in a new era of trade and enterprise-driven dynamism for our country, reverse the anti-trade bias of the past and move away from the unsustainable and unsuccessful growth model that was heavily reliant on government spending. We intend to continue this.
If we are to truly become the regional hub that many speak of, it has to be through international trade. This recognition of Sri Lanka among the top twenty economies with the most rapidly improving potential for trade growth should be welcomed by all in the private and public sector and support more reforms in this direction”.
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