Colombo meeting focuses on e-commerce growth in South Asia

South Asia is emerging as one of the fast-growing regions in the world and is expected to play a dynamic role in shaping the ‘Asian Century’.

However the share of trade taking place among South Asian countries is only 5% in comparison to South Asia’s overall trade with the world at 20%,” Minister of Industry and Commerce of Sri Lanka Minister Rishard Bathiudeen said

He was addressing the opening session of ‘SAARC CCI’s Regional Workshop on E-Commerce’ by Islamabad based SAARC Chamber of Commerce and Industry (SAARC CCI) at Mount Lavinia Hotel.

The was joined by South Asia Regional Director of Friedrich Neumann Foundation for Liberty (FNF) Ronald Meinardus, Country Representative of FNF, Sagarica Delgoda, President of SAARC CCI Ruwan Edirisinghe, SAARC CCI’s former Senior VP Nawaz Rajabdeen and more than 20 representatives from SAARC countries.

“Despite low trade within the region, there are great potentials for using information and communication technologies to contribute to social and economic progress across South Asian Countries. By international standards the e-commerce sector is in its early stage in South Asia. However it is growing at a fast pace and provides a profitable and untapped market for businesses and investors within and across South Asia.”

“The need of the hour is for countries in the region to embrace e-commerce fully as it will enhance their economic and social development. Inadequate infrastructure acts as a major obstacle for e-commerce in this region. The governments need to invest in legal financial logistical and telecommunication infrastructure which is the backbone of any e-commerce initiative. Despite the challenges, the e-commerce and related sectors in the South Asian countries offer huge business and investment opportunities”.

“This Colombo Session will explore best practices and how to creatively collaborate on strategies, and e-commerce landscape and current trends. Importantly the session evaluates the current policy frameworks on e-commerce and even devising of an e-commerce policy guideline, roadmap and initiatives for SAARC CCI.” In 2015 the Sri Lanka e-commerce sector grew by a mere one per cent and is now expected to grow by four per cent in the coming years. The total revenue from Sri Lankan E-commerce sector was estimated at US$ 8 million in 2016. Sri Lankan e-commerce experts now say that it will grow to US $4 billion by 2020.