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.
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