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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.


Sri Lanka's economy in transition to become globally competitive: official

Friday, January 30, 2015 > 09:21:53

(Shanghai Daily)

Sri Lanka is ready to work with international leaders to promote growth, an official present at the Davos World Economic Forum said on Thursday.

Sri Lanka is gradually shifting its economy to become more competitive by world standards, Asanga Abeyagoonasekera, executive director of think tank Lakshman Kadirgamar Institute, told Xinhua.

Sri Lanka is progressing from being an economy that was factor- driven to being efficiency-driven. It should focus its strategy over the next three decades on graduating toward an innovation- driven economy, the executive director said. "The people lie at the core of this economic shift. In 2009, Sri Lanka saw a shift from a factor driven economy to an innovation driven economy. Investment into research and promotion of creative in science is a manner forward which governments in the South Asian region should reconsider investing further resources into for a brighter future...," he said.

Challenges to economy take different form at different theatres ' of politics and development, he said. The challenge lies in rising above such challenges engaging both state machinery and the private sector promoting communication and development and access to information making the very citizens of a nation the country's strongest asset, he said. "Our newly elected President Maithripala Sirisena who has charted out a hundred day plan for economic progress ensuring transparency and good governance."

Benefits economically under the government of Maithiripala Sirisena include the reintroduction of the GSP + aiding the apparel industry among other economic aids to foreign trade.

Sri Lanka has traditionally boasted of a higher than expected literacy rate for a third world country and to date the highest literacy rate in South Asia.

The year 2014 showed Sri Lanka holding a literacy rate of 92 percent overall and increasing rate of IT literacy.

In a hyper connected world, Sri Lanka is on its feet in keeping its citizens connected in a globalized world with the island nation seeing an ICT penetration rate of over 50 percent.

The Human Capital of Sri Lanka is able and is helped by the state to be enabled to work on projects of state and of the private sectors, he opined.

The government of Sri Lanka has a long history of public investment in schools with the country holding 11,000 schools and 17 universities for its population of slightly above 20 million citizens as observed by the World Bank.

As a country featured among the top places to visit on the Lonely Planet travel guide, to a fast rising business hub in the Indian Ocean, Sri Lanka's FDI and tourism stand at a point set for future and further growth. "Thus, despite challenges within our economy and society, we will work steadily to ensure the islands consistent economic growth and welcome investment and tourism. The Indian Ocean Island (country) is set to work with partners both in the public and private sector to take our geo-strategically valuable island forward in a new year, filled with new opportunities,"he added.

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