- The program was launched to support the GoSL in drawing a blueprint for the Trinco Economic corridor.
- It offers policy recommendations, especially focusing on four areas – FDI promotion, strengthening the competitiveness of SMEs, single window custom system and urbanization.
The Export-Import Bank of Korea
together with the Asian Development Bank held a seminar on the
Colombo-Trincomalee Economic Corridor (CTEC) recently with the aim of sharing
the final policy consultation paper with the Sri Lankan government. Officials
from the Ministry of National Policies and Economic Affairs, Ministry of
Industry and Commerce, Ministry of Development Strategies and International
Trade and Sri Lanka Customs among other organizations were present.
ADB-Knowledge Sharing Program
(KSP) joint consulting program was launched in April this year to support the
Sri Lankan Government in drawing a blueprint for the corridor. The KSP is a
special technical assistance program provided by the Korea Eximbank under its
Ministry of Strategy and Finance to share Korea’s development experience and
knowledge accumulated over the past decades with partner countries.
KSP offers Joint Consulting Programs with
Multilateral Development Banks, Modularization Projects, and Policy
Consultation tailored to the needs of partner countries encompassing in-depth
analysis, policy recommendations, and training opportunities. “Even though Sri
Lanka is just below the threshold of upper-middle income country status, there
are challenges that it needs to overcome,” a statement said. “Low foreign
direct investment (FDI) inflow compared with those in other countries like Viet
Nam and Myanmar, a non-vibrant SME
sector, an inadequate custom system and risks arising from unplanned
urbanization are some of the challenges.
These factors contributed to a
decline in the export to GDP ratio from 29% in 2000 to 12.5% in 2016.” The
ADB-KSP program aims to make practical contributions to the CTEC initiative to
create an export-oriented economy.
This joint consulting offers
comprehensive policy recommendations tailored to the needs of Sri Lanka,
especially focusing on four areas – FDI promotion, strengthening the
competitiveness of SMEs, single window custom system and urbanization. Korea
Exim bank may finance development projects related to these 4 areas and other
economic infrastructures in Sri Lanka.
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