Sri Lanka’s Minister of International Trade Sujeewa Senasinghe says the government expects to raise exports earnings to US$20 billion by focussing on entering into Free Trade Agreements.
The minister outlined the aim to increase Sri Lanka’s current export revenue from US$ 11 billion to US$ 20 billion by 2020.
Speaking to press Minister Senasinghe said,
“It’s a tipping point for our country. We are in a very crucial time. We have put a good platform. On this solid platform we are trying to sign five free trade agreements, with China, India, Thailand, Malaysia and Singapore. We want Sri Lanka to be a manufacturing hub. Our exports are US$ 11 billion and our target US$ 20 billion by 2020.”
Commenting the role of Sri Lanka’s ‘good governance’ regime Mr Senasinghe said that it was the good governance regime that achieved the reinstatement of the GSP+ trade tariff facility and managed to lift the European Union fishing export ban on Sri Lanka.
A recent World Bank report criticised Sri Lanka's slow economic reform progress highlighting the need for Sri Lanka to produce the right environment for investment and enter into FTAs.
See more here.