More than 600 global policymakers, businesspersons due here for global export parley in Oct.
The World Export Development Forum (WEDF) 2016 to be held in Colombo will thrust Sri Lanka on the global stage. The government’s priority is to build a framework for exports by establishing one stop shops to speed up processes and procedures. “We are receiving the World Bank’s assistance in this regard. The Economic and Technological co-operation with India and a comprehensive agreement with China should be in place before the end of this year or next year,” said the Minister of Development Strategies and International Trade Malik Samarawickrama at the launch of the World Export Development Forum held at the Cinnamon Grand Hotel in Colombo last week.
He said that trade and investment with the US is being enhanced through a 5-year action plan under a Trade and Investment Agreement signed recently. “At the same time trade with Singapore Malaysia and Turkey is being pursued to boost exports. We have set a target of exports and services to the tune of US$30 billion by 2020 and the Export Development Board (EDB) is drawing up an action plan to include products such as high valued apparel, blended teas, rubber products, shipping, silicon and graphite products and the IT sector.” The minister said that Sri Lanka’s exports of goods and services amounted to about only $17 billion in 2015. This was less than 20 per cent of the GDP.
But in countries such as Malaysia, Thailand and Vietnam exports exceed 70 per cent of their GDP. He said that the local share of global exports has been declining although Sri Lanka and Vietnam recorded similar exports in 2000. But last year Vietnam exports recorded $62 billion against Sri Lanka’s $17 billion. Similarly in 1980 the composition of exports from Sri Lanka and Thailand was similar. But Thailand today has a far more diverse export structure including a thriving automotive component sector as well as a world class agriculture and agro industries sector. He attributed a number of reasons for Sri Lanka’s poor export performance including the 30 year-long conflict which affected Sri Lanka’s overall investment climate.”
Goals in employment generation cannot be achieved without significant growth in our exports. However a lot of work has been done with regard to the lifting of the ban on fisheries and the GSP + which is expected to be lifted by the end of the year.” Speaking further the minister said that the World Economic Forum and the International Trade Centre (ITC) appreciated the work being done on good governance and for enacting economic reforms and rule of law in Sri Lanka by the new government. “We are also grateful to the Executive Director Ms. Arancha Gonzales and her team and of the ITC for selecting Sri Lanka as a venue for this years World Exporters Development Forum which is indeed a great honour to the country. As a low middle income country we no longer have access to highly concessional foreign aid as we had in the past.
We have to be competitive or otherwise exports can perish as the former President J.R. Jayewardene said 40 years ago.” The WEDF, the flagship event of the Geneva-based ITC will be held in Colombo on 12-13 October. It will bring together more than 600 policymakers, business leaders and officials from trade and investment support institutions and international organisations to discuss how to achieve sustainable and inclusive economic growth through trade. A series of business to business match making events will also be held over the 2-day meeting, allowing participants to create business linkages across sectors and across countries.
ITC Executive Director Ms Gonzales thanked the Sri Lankan government and the EDB for hosting the event along with WEDF. She said around 800-1000 participants from around the world are expected here to talk business and to do business. She said in the recent years the island role as a regional hub has grown steadily. “Sri Lanka is very strategically positioned between today’s growth poles in the East and in South Asia and tomorrow’s growth poles in Africa. I can think of no other better place for the ITC to hold the event other than Sri Lanka.”