Sri Lanka is planning to launch its National Export Strategy (NES) next month while a new national Innovation and Entrepreneurship Strategy will also be unveiled soon, a senior minister told a forum in Colombo last week.
Speaking at the Sri Lanka – Singapore Business Forum, Minister of Development Strategies and International Trade, Malik Samarawickrama outlined that the NES which focuses on competitiveness and diversification, aims to build more export brands from Sri Lanka – ranging from high value and high quality food and beverages, to leisure boats, IT services, and electronic components.
“A new national IES is also being launched soon, which will have programmes to support technology upgrading, startups, and collaborative innovation.
We are fully aware that without a focus on these areas we cannot go from middle income to high income, like what Singapore managed to do,” Samarawickrama said at the forum held at the Shangri-La Hotel Colombo on Wednesday.
According to the Export Development Board, the NES is a collaborative effort of the state and private sectors to provide a detailed and prioritised 5-year action-oriented framework for the development of trade and competitiveness particularly for the benefit of the small and medium sector (SME) in Sri Lanka. The strategy will provide a clear direction for sustainable export led growth to make Sri Lanka a key trade hub in the Indian Ocean “The International Enterprise Singapore and the Temasek Foundation are working with Sri Lanka’s Export Development Board to benchmark good practices and impart valuable lessons on how to enhance the island’s services to exporters,” the Minister said.
Meanwhile, appraising the Singaporean business delegation of the upcoming industrial zones, including the Logistics and Industrial Zone in Hambantota currently being developed with Chinese investment, Samarawickrema called on the Singaporeans to invest in these zones and take advantage of the newly signed Free Trade Agreement. “We invite Singaporean firms to invest in these zones, and to do business here – to access the South Asian region and beyond.
Three other industrial zones are also being setup, including one in partnership with the Rojana Corporation of Thailand,” the Minister said noting that Sri Lanka is working closely with International Enterprise Singapore to help forge bilateral investment linkages.
He further stressed on the policy changes that have been taking place in the country to create a conducive environment for foreign investors and highlighted that the ease of doing business will also improve next year, with the introduction of the single electronic gateway.