Prime Minister advocates for increased trade and investment cooperation within South Asia

Addressing the first South Asian Trade Fair 2024 at Excel World Colombo Convention Centre today (August 2), he said the stronger connectivity with neighbouring regional markets such as India, Pakistan, Bangladesh and other South Asian countries would boost trading and investment cooperation.

The Prime Minister pointed out that largest tea producer and exporter is South Asia and the regional countries should cooperate to obtain maximum benefits in tea industry. He said there are many such common products where innovative methods could enhance ability to compete in international markets.

“We have taken steps to ensure climate friendly businesses and technology based businesses. The Trade Fair and Business Forum has a larger purpose that goes beyond any individual business or organization’s interest. This is a forum to achieve objectives of promoting socioeconomic cooperation and strengthening trade relations among South Asian countries,” he said. 

He added that this forum gives an immense opportunity for trade and businesses in South Asia to showcase their products and services to grow beyond their usual parameters as it creates a platform for expanding their international trade at the export markets in South Asia and beyond.

Referring to Sri Lanka’s recovery, he said some countries and international fiscal institutions had stopped dealing with Sri Lanka in 2022, but they have started to open their doors again. The latest example is Japan, which has agreed last week to resume all the projects in Sri Lanka and also to explore new ventures.

“It is a pleasure for me to welcome all these investors and trading partners from our South Asian neighbours belonging to SAARC – India, Pakistan, Bangladesh, Maldives, Bhutan, Afghanistan and Nepal – as well as some observers such as China.” He said. The Prime Minister thanked Indian Prime Minister Narendra Modi for extending support to Sri Lanka to enhance use of renewable energy through setting up solar and wind power projects.

He congratulated FCCI for its 50th anniversary this year.

The Prime Minister commented in this occasion that-

“I am honoured to be invited for the South Asia Trade Fair and Business Forum, which is organised for such higher organisations interests. This is a forum to achieve objectives of promoting socio-economic cooperation and strengthening the trade relations on South Asian nations and all nations that trade with us.

Sri Lanka is an island in the Indian Ocean, keeping our maritime lanes open for all, from the West to the East and from the East to the West. This forum therefore, gives an immense opportunity for trade and business in South Asia to share their products, services, investment, cooperation, different approaches of business to emerge to meet the challenges of a fairly fast changing world in the present era that we are facing.

This platform for expanding the international trade at the export markets as I mentioned, goes beyond our region. And the fair will generate new business among us, and among us to trade with other nations. With your permission may I also take this opportunity to share the grief from my country to India, to South India, on the major floods and the hurricane that has taken place.

Because it affects trade also, I thought while sharing the grief that I should mention this. Grief is one part of our life, but when it affects economists, when it affects trade, when it affects our productive capacities, it affects much more larger area, of what we see only in the communication sector.

That’s what caused the setback to our trade as well as our economies when we were faced with COVID. Entire world economy slowed down. World trade slowed down. It has taken many years to restore the positions that we were occupying in different fields of economies in our own countries and in international trade.

Our close cooperation, therefore, is necessary. Similarly, in one of the biggest challenges today the world has recognized, is climate change. That will be, I think, a subject at this fair that Sri Lanka is hosting and in other discussions in the business circles today.

Sri Lanka has been a center for trade for a long time. I would say not advanced trade but trade. Sri Lanka’s ports have always exchanged trading with our neighbors across with the Indian subcontinent, far away in the regions of Bangladesh, Pakistan, and other countries. The port of Colombo first records the international contacts with one of the biggest colonial powers, the Portuguese, over 500 years ago. Before that, the port of Manthata, looking towards the Indian subcontinent, was an international port where traders from far away China, Greece, and European capitals, as well as our neighbours, and travellers came all the way from far away Tibet and other neighbouring countries.

Therefore, Sri Lanka has been hosting many such exchanges for travel, for trade, investment, cooperation, which I would like to specially point out to all our friends who have come here for the conference, as well as to improve our friendship for trade and development.

You see, business that is vital to our daily lives, challenged by new natural disasters, also has to be taken into consideration in all our business ventures. Some businesses and services that we are so fond of, as well as the innovative new businesses and trade services.

In addition, Sri Lanka also wishes to attract investors and clients at this esteemed forum, not only to use the Sri Lankan economies various aspects of investment for the country but also for re -export, transshipment and other areas where Sri Lanka has been opening and relaxing some of its age old regulations.

So today this Federation that completes 50 years, half a century has achieved a great influence in our government. Our views are shared by our President and the government.

Many changes are taking place as a result. 50 years of the long-experience that the government has to take notice will continue. We are committed to it and we, as a country has always respected the agreements that we have reached with our neighbours as well as the investors who work with us.

Sri Lanka, I must also mention, after going through the challenges in the last two years, under His Excellency the President and with the help of all our friendly countries in the SAARC as well as our friends across the world has been able to revive its negative economic growth to positive.

That is a great achievement not only for Sri Lanka but for cooperation within the South. It is a big challenge, various economies face challenges but Sri Lanka’s challenge is unprecedented in recent time.

But I must mention during the period of nearly two years of this difficult period, our farmers and small scale businesses to mega -investors all pushed forward with clear goals with their work, creativity and cooperation that within two years time we were able to overcome most of our difficulties.

As you are aware many countries and international organizations that have stopped dealing with Sri Lanka in terms of economic and different aspects of economic activity in 2022 started to open their doors again within that short period.

The latest example is, as last week, the announcement of Japan, which expressed last week to resume all funded mega projects in Sri Lanka and also to explore for new ventures. So I would like to thank as Prime Minister to all our friendly countries.

And 50 years of celebration of the SAARC Federation also makes it important. It is a time that the Federation with the chambers, businesses at different level, will work with much more confidencewith the fair taking place in Sri Lanka today. All of you all, all our friendly countries, trade organization and chambers participating gives us also confidence that will generate a new chapter in our relations.

Given that, I’m sure that Sri Lanka is the perfect venue to hold this year’s South Asia Trade Fair and business forum. Glad to know that this year the forum brings together more than 130 South Asian companies and over 20 ,000 investors and buyers and visitors to our country.

Of course there are visitors in physical presence, visitors communicating with the most advanced communication today which brings the special interest that all of us have today. It is a pleasure for me to welcome all you investors and trading partners from our South Asian countries.

I would like to mention especially India, Pakistan, Bangladesh, Maldives, Bhutan, Afghanistan and Nepal as well as some of the observers from other countries including China. The importance of this forum I’m told is the technology aspect focusing on timely inventions such as renewable energy.

Mr. Chairman of the SAARC as well as Secretary General of SAARC, Sri Lanka has advanced its priorities to concentrate on the investment of renewable energy at which Indian Prime Minister Modi has been gesturing with a very impressive program and all other friendly countries have been participating in the solar projects, new areas of investment.

We thank all those friendly countries and friendly private sector. It is finally the private sector that can deliver. What we have in abundance, what no one charges us, it is to tap and enter into the renewable energy trade.

We hope to work closely and our private sector looks forward to working closely with our experience also with the participants at this fair. The manufacturing sector of small machinery, which is instrumental for agricultural development, of individual and rural and urban farmers, also makes a contribution, a successful contribution to all of us in the small business areas. This forum also provides a great networking opportunity for all these investors and producers as well as for scientists for further research in agriculture equipment, which is paramount for our economic growth that heavily dependent agriculture. Dear friends, may I also draw your attention to some other important areas before I conclude. Women driven business as was shown by the chamber presentation, youth empowered businesses, women are 51% of SAARC. 40% of the world are youth population, SAARC has over 40%. Let us take this also as the Federation has shown, are important areas of cooperation and a trust on these areas will dependence tremendously improve our economic activity and trade.

Also the consideration of regional market oriented businesses between us. Travel has already increased. Traffic has increased to all our country as a cooperation, training, research and relaxation of travel in our region.

There is another area of possible expansion that is still available. I remember when I addressed the Kunming Fair last year, we appealed for trade barriers to be reduced. Trade barriers is another aspect where we fear some aspects of competition will hurt us.

But trade barriers also make tremendous changes to improve the conditions for economic development and trade. Therefore, we have to make use of these areas and access has to be another matter of importance on behalf of Sri Lanka government, we are committed in reducing the barriers as much as possible that will improve our regional cooperation, regional increase in trade and other investment for which all of us must work together. Just to mention one more area, Sri Lanka, just like other countries, we all have special interests and special achievements.

SAARC is the largest producer of tea, SAARC is the largest exporter of tea to the world. There are other products, services also growing. Especially Ceylon cinnamon and this trade fair will give a wonderful opportunity for our spice traders to interconnect with other buyers, producers and share experiences and new technology to enhance value -added productions.

This is as a result of long research, not only in production but in market research that Sri Lanka has found our cinnamon to be one of the best in the world, therefore there are many each country would have in that manner where the markets are today opening up matter of our concentrating and doing research for advancing the quality that can be produced and delivered for which we need cooperation among us.

What we have achieved in research in one country has to have some cooperation if seek by other countries or other organizations. These are agreements which has to be worked in order to strengthen the path that we hope this fair will take.

I also would like to thank all the visitors, the organizations in addition to the leaders of the delegations that have come today. Thank you Secretary General of SAARC, thank you President of the SAARC and other Excellencies who have been participating today to make this a success story.

Thank you for the success of this event which Sri Lanka has been able to host for its success we will be committed with the Federation in order to implement new areas for our region.”

Secretary General of SAARC, Md. Golam Sarwar, President of SAARC CCI, Md Jashim Uddin, FCCI President Keerthi Gunawardane, FCCI President and other members of the Chambers, High Commissioners and Ambassadors of South Asian countries and leading chamber representatives attended the opening of the South Asia Tarde Fair.