ITC assures support in making trade ‘possible’ and ‘happen’ in Sri Lanka
Committing to make trade “possible” and “happen” in Sri Lanka, the International Trade Centre (ITC) yesterday pledged its support to Sri Lanka so that it can achieve robust export performances in the near future.
The ITC will essentially support Sri Lanka in three key areas— building soft infrastructure that would contribute to increased value addition and trade across the board, supporting domestic trade policy and international cooperation to reduce the negative effects of the 21st century barriers to trade (nontariff barriers) and investing in people.
Providing the country the opportunity of a lifetime to reform and move forward, ITC Executive Director Arancha Gonzalez said that with Sri Lanka hosting World Export Development Forum (WEDF) 2016, an annual international event, due emphasis would be given on exploring how the government can help boost trade and investment by improving the business environment.
With the forum revolving around the theme ‘Trade for Success: Connect, Compete, Change’, Gonzalez said coming under the microscope would be the mentioned three elements, which she stressed are critical determinants for businesses to improve their competitiveness and use international markets to drive inclusive growth.
The first issue is for trade to be truly inclusive. She asserted it is mandatory to ensure that women and youth are not relegated to the margins and that the economic power of the two segments is yet to be fully tapped.
The second area highlighted was the geographic location. With the world’s centre of economic gravity returning to Asia, Gonzales stressed it is essential to ensure everyone (regional peers) have a share in the process.
“At the heart of the Indian Ocean maritime routes, Sri Lanka is strategically poised between today’s growth poles in East and South Asia and tomorrow’s growth poles in Africa. Sri Lanka cannot miss this opportunity to return to its rightful place in the trading routes,” stressed Gonzalez.
It is expected that by 2030, an estimated two-thirds of the global middle class will be in the Asian region. Commending Sri Lanka for having an outward-looking, skilled population, a major economic asset and competitive advantage, she noted that geography and human capital, combined with a growing peace dividend, give the island tremendous potential as a regional and even global hub for trade.
“It is not time to make the most of this potential. It is time to restore Sri Lanka to its historic role as an important trading hub. Trade is not an end in itself. It is a means to lift incomes and create more and better jobs. It is a means to connect the unconnected— farmers, SMES, youth and women,” reiterated Gonzalez.
Localizing the concept of trade, she said it means greater value addition for Sri Lanka, which can generate better-paid jobs, which in turn means greater market opening – at home and abroad –to foster increased business competitiveness and economic diversification.