Govt ambitious of economic transformation - EU head | Daily News


Govt ambitious of economic transformation - EU head

 Sri Lanka requires a re-balanced private sector led economic growth model which is able to develop and sell higher value goods and services in global and domestic markets, EU Ambassador and Delegation Head for Sri Lanka and the Maldives, Tung-Lai Margue said.

“The country is now focusing on many reforms and pursuing an ambitious journey of economic transformation and global trade integration.The EU understands that the government is keen to pursue an export and FDI-led growth model recognising the private sector in particular the SMEs ;the engine of growth,” he noted.

He noted that it is imperative to invigorate these bodies to make a transformational change to the economy. “Trade is a vehicle which brings about economic benefits to everyone. Trade will lead to job creation, access to quality goods which are competitively priced for consumers, profits for businesses and national economic growth.

Be it in Sri Lanka or EU, trade brings about mutual benefits.”

During the past 10 years, the EU has allocated EUR 760 million for development and humanitarian assistance, of which EUR 500 million were provided in the form of grants and this represents Rs.80 billion.These grants were used for post-tsunami reconstruction activities but also for humanitarian reliefs and conflict-affected communities.

He also added that following the fisheries ban,the EU and Sri Lanka worked very closely together which resulted in Sri Lanka putting in place a fisheries management system which is not only unparalleled in the region but also enabled Sri Lanka to increase its fisheries exports considerably with a very short period of time.

He reiterated that the EU will continue to be in Sri Lanka as an active development and business partner to share its experience, knowledge and values in supporting the economy to better integrate with the global economy.

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