Inter-agency task force to promote trade and investment

The Foreign Affairs Ministry has set up an inter-agency task force to intensify efforts to promote trade and investment to boost economic development.

The Ministry in a media release last week stated, “In line with the government’s policy to enhance economic development, under the guidance of Foreign Affairs Minister Mangala Samaraweera, the Ministry is geared to intensify the promotion of trade, investment and all economic endeavours through economic diplomacy.”

As a first step in that direction, an inter-agency task force was set up and the first meeting was held on Wednesday at the Ministry, with Government agencies, private sector institutions and business chambers, it said.

Deputy Foreign Minister, Dr. Harsha de Silva, said it was vital to work in partnership to reach the targets of economic development. He said the Foreign Ministry will coordinate and work with all organizations and optimise the use of resources under its authority through the missions abroad to promote economic diplomacy.

The World Bank recently pointed out that despite the geographic, education and infrastructure advantages, Sri Lanka attracts less FDI than expected compared to other countries in the region and called upon Sri Lanka to attract FDIs to maintain its high growth rate.

The task force decided to augment information and knowledge sharing as the prerequisite for promotion of trade and investment abroad.

Minister de Silva said the Ministry is considering setting up a dedicated economic and business knowledge service system. This system is expected to provide updated information inter alia political, economic interests, export potential, trade and investment opportunities, policy and regulatory issues information to facilitate internal partners and Sri Lanka’s missions abroad to facilitate service inquiries and undertake promotional activities.

It was also decided to convene a meeting with line agencies including the Ministry of Strategies Development and International Trade, Department of Commerce to discuss the Trans Pacific Partnership (TPP). The task force will meet once a month to review the progress of ongoing activities, propose new activities and approaches to strengthen overall economic diplomacy.