11 July 2024 12:31 am Views - 1114
By Nuzla Rizkiya
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Subhashini Abeysinghe |
As Sri Lanka grapples with the ongoing global economic challenges, a senior economist asserted the urgent need for the island nation to integrate into the global value chain, so that it can achieve its ambitious growth plans.
Verité Research Research Director Subhashini Abeysinghe emphasised that Sri Lanka can no longer afford to be a bystander, especially given its current focus on debt restructuring.
Addressing a youth forum centred on export transformation, Abeysinghe said, “We need to increase our tax revenues but we have to think beyond the short term because none of the current global opportunities are going to wait for us.
Just like we missed the bus in the previous cycle, we are going to miss the bus again, if we don’t act fast. So, we can’t be overly focused on finger pointing.”
Abeysinghe went on to highlight the need for the Sri Lankan authorities to create an enabling environment and cut red tape, which has been a persistent issue, according to the industry stakeholders.
These stakeholders have repeatedly voiced concerns about the inefficiencies in making processes digital and seamless, areas where Sri Lanka performs poorly.
The island nation lags behind even some of the least developed countries in implementing trade facilitation measures mandated by the World Trade Organisation. While the majority of the developing countries have implemented about 60 percent of these measures, Sri Lanka has only rolled out around 28 percent.
Abeysinghe cautioned that unless Sri Lanka takes the necessary steps to boost trade seriously, it is unlikely to see any significant transformation in its exports.
Accordingly, Sri Lanka must act swiftly and decisively to capitalise on the global opportunities and avoid repeating the past mistakes.