SL TO BE EXPORT DRIVEN ECONOMIC, FINANCIAL HUB: FM TELLS AIIB

Finance Minister Mangala Samaraweera, addressing the Board of Governors of the Asian Infrastructure Investment Bank (AIIB), said that his Government’s plan was to make Sri Lanka an export driven economic and financial hub in the Indian Ocean region, a statement from his office said on Sunday.

He said that in order to achieve these objectives, the government had set out a high-level agenda to reform several key sectors of the economy, while facilitating and empowering the private sector as the principle engine of growth in the country.

Minister Samaraweera, who was on the final leg of his first official overseas visit after assuming office, was a participant in this meeting held on Jeju Island in South Korea from June 16 to 17. Earlier, the minister took part in the Governor’s round table discussion on financing Asia’s infrastructure priorities.

During the discussion Minister Samaraweera spoke about Sri Lanka’s economic growth which had been driven by large infrastructure projects.

“Developing physical infrastructure must be done along within administrative and legal frameworks to ensure required policy or regulatory support to streamline and boost public and private investments,”he said.

He also said that the Government’s plan was to make Sri Lanka an export driven economic and financial hub within the Indian Ocean, while creating unprecedented opportunities in many sectors. In order to achieve these objectives, the government has set out a high-level reforms agenda in several key sectors of the economy, facilitating and empowering the private sector as the principle engine of growth, re-iterated.

The formulation of a new trade and investment policy, tax reforms, and various other measures to improve investor confidence are also being implemented.

Given the rapid increase in climate related disasters in many countries, like the floods Sri Lanka faced two weeks ago, the building of climate/disaster resilient infrastructure will be of paramount importance for the future. If we are to meet this challenge, we must incorporate climate resilient concepts into all future infrastructure development projects, the minister said.