Categories: Business

COLOMBO-TRINCO ECONOMIC CORRIDOR TO BOOST EXPORTS

Pic: Devaka Seneviratne An aerial shot of garbage pollution in Trincomalee. A group of environmentalists will open a forum at the BMICH on August 17 to address the critical issues of garbage and the role citizens can play without blaming the authorities all the time.

The Export-Import Bank of Korea (Korea Eximbank) in collaboration with the Asian Development Bank (ADB) held a dissemination seminar on the Colombo-Trincomalee Economic Corridor (CTEC) to share the final policy consultation paper with the Sri Lankan government. Officials from the Ministries of National Policies and Economic Affairs, Industry and Commerce, Development Strategies and International Trade, the Sri Lanka Customs and other relevant ministries and organizations participated. The ADB-Knowledge Sharing Program (KSP) was launched in April to support the Sri Lankan Government in drawing a blueprint for CTEC.

KSP is a special technical assistance program provided by the Korea Eximbank under the auspices of the Ministry of Strategy and Finance of Korea to share Korea’s development experience and knowledge accumulated over the past decades with partner countries.

Even though Sri Lanka is just below the threshold of upper-middle income country status, there are challenges that it needs to overcome. Low foreign direct investment (FDI) inflow compared with those in other countries like Viet nam and Myanmar, a non-vibrant SME sector, an inadequate customs system and risks arising from unplanned urbanization are some of the challenges. These factors contributed to a decline in the export to GDP ratio from 29% in 2000 to 12.5% in 2016.

In this context, by providing hands-on experiences and knowledge that the Republic of Korea acquired from implementing similar economic corridor development projects from 1970s to 2000s, this ADB-KSP joint consulting program will make practical contributions to the CTEC initiative which will boost an export-oriented economy and revitalize Sri Lanka. The program offers comprehensive policy recommendations tailored to the needs of Sri Lanka, especially focusing on four areas – FDI promotion, strengthening the competitiveness of SMEs, single window customs system and urbanization. Korea Eximbank may finance development projects related to these four areas and other economic infrastructure in Sri Lanka.

AddThis Website Tools
Lankanewspapers

Recent Posts

LNP – Ranil denies media reports on his UK visit

LNP – Ranil denies media reports on his UK visit

The office of former President Ranil Wickremesinghe denied media reports pertaining to his visit to…

6 hours ago
LNP – Krrish Project: Colombo HC adjourns case against Namal Rajapaksa

LNP – Krrish Project: Colombo HC adjourns case against Namal Rajapaksa

The Colombo High Court has ordered the re-convening of the case filed by the Attorney…

6 hours ago
LNP – 500,000 students and 150,000 teachers to benefit from World Bank education funding

LNP – 500,000 students and 150,000 teachers to benefit from World Bank education funding

An estimated 500,000 students and 150,000 teachers across Sri Lanka are set to benefit from…

6 hours ago

Police warn of rising social media-based financial scams targeting Sri Lankans

Sri Lanka Police has issued a public warning following a surge in financial crimes targeting…

6 hours ago

LNP – Former Chairman of Ceylon Fisheries Harbour Corp. arrested

The former Chairman of the Ceylon Fisheries Harbour Corporation (CFHC), Upali Liyanage, has been arrested…

6 hours ago

LNP – Ex-SriLankan Airlines chairman Nishantha Wickramasinghe arrested

Former Chairman of SriLankan Airlines, Nishantha Wickramasinghe, has been arrested by the Commission to Investigate…

6 hours ago