SL to partner SAARC economies in financial hub

Sri Lanka has called on SAARC regional countries to partner in the establishment of the international financial centre on the planned Colombo Port City project that has got the government nod to go ahead.

Finance Minister Ravi Karunanayake addressing the 8th SAARC Finance Ministers Meet in Islamabad, Pakistan this week urged SAARC regional countries to cooperate with Sri Lanka by partnering “in the success of the newly instituted Colombo International Financial Centre in the future.”

He pointed out that Sri Lanka has proposed for the establishment of this financial hub based on the country’s “strategic geographical location.”

Whittling down the “draconian and dictatorial powers” previously vestsed in the Sri Lankan Presidency and installing independent commissions and the enactment of the Right to Information bill were construed as pointers to change in the new democracy on the island nation, the minister explained.

Minister Karunanayake asserted the importance of Asia in overcoming the economic challenges and taking on the “expanding opportunities on offer to enhance our economic standings.”

He also emphasized cautiously Sri Lanka’s favourable outlook on creating win-win options in forging bilateral and multilateral trade ties with the respective countries in the region.

“Our government is fully aware of the issues of concern and look forward to extending hands of friendship to all nations, positively evaluating bilateral and multi-lateral free trade and economic agreements in creating win-win options,” the minister said.