Sri Lankan president calls for liberalization of service sector to attract FDI
COLOMBO — Sri Lankan President Ranil Wickremesinghe emphasized the need to gradually liberalize the country’s service sector to attract foreign direct investment (FDI), the President’s Media Division (PMD) said in a statement on Sunday.
The president also said steps should be taken to gain membership in the Regional Comprehensive Economic Partnership, the world’s largest free trade agreement to date.
Wickremesinghe made these remarks during a meeting with the officials of the National Trade Negotiations Committee at the Presidential Secretariat.
The president talked to them about free trade negotiations, the future outlook of international trade, and the importance of aligning policy priorities.
He further said that in parallel with the expansion of international trade activities, the government will implement a trade adjustment program to support local industries to adjust to the competition.
Access to regional and global supply chains and re-engagement with the global economy to enhance export and export-oriented foreign direct investment is an element of the government’s economic reform program to revitalize the domestic economy, he said.