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| Sunday, 24 February 2002 |
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Free Trade Agreements with Singapore, USA Sri Lanka plans to sign Free Trade Agreements with Singapore and USA in the near future to boost trade and economic ties with these two countries. Minister of Enterprise Development, Industrial Policy and Investment Promotion and Constitutional Affairs Professor G.L. Peiris said that during Prime Minister Ranil Wickremesinghe's recent visit to Singapore, he has urged those officials to enter a Free Trade Agreement (FTA) with our country. A similar agreement will be signed with the USA. Prof. Peiris made these comments during a presentation to the members of European Information Business Council and European Chamber of Commerce of Sri Lanka last week. He said that Sri Lanka has to refine and develop the FTA mechanism to maximise the advantages of such agreements. The improved economic and political climate in the country has given confidence to investors to explore opportunities for investment in Sri Lanka. "Confidence is a fundamental requirement and giving everything else is futile unless you get to grips with the fundamental issues," said Prof. Peiris. Companies such as Toshiba, Marubeni and Mitsubishi have expressed willingness to invest in Sri Lanka when they met him in Japan. Earlier they were not willing to invest in the country due to the North-East war, but with the UNF government coming to power, conditions for investment have become conducive, he said. The Minister said: "We must spare no pains and no stone should be left unturned to achieve peace, as this will put everything else in place." The present government understands the need to have a coherent relationship with the private sector and believed that it is not in a position to undertake commercial activities. "Therefore, we will ensure continuity and consistency of government policy and incentives and the right conditions for the private sector to invest in Sri Lanka," assured Prof. Peiris. The UNF government started by identifying priorities and the point of departure is the resolution of the ethnic war. "We are satisfied with the steps taken to resolve the war, but not complacent," said the Minister. "We have been paying lip service to a united country, but the Northern Peninsula was separated from the rest of the country until recently, depriving everyone of the benefits of a united country. Such benefits can be reaped by everybody and not only by the Tamil speaking population of the country," he said.(SG) |
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