Wednesday August 21, 2019

Sri Lanka forum to boost economic freedom

Oct 11, 2017 10:47 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - In parallel to the worldwide release of the annual Economic Freedom of the world Report by Canada's Fraser Institute, Advocata Institute, a Colombo-based think tank said it is kicking off a forum in a bid to boost economic freedom in Sri Lanka.

Advocata is partnering with Canada's Fraser Institute, the publishers of the Economic Freedom of the World Report, and Atlas network, an international network of free-market think tanks.

The roundtable discussions to bring together people from government, industry, academia and think tanks to identify areas to reform in Sri Lanka’s economy.

"The conference presents an opportunity to reverse this trend by identifying the barriers to development and to kick-start the reform process," Advocata Institute said in a statement.

"The Fraser Index identifies weaknesses in the legal system and property rights, trade restrictions, tariffs, cumbersome regulation and controls over foreign investment as the principal contributors to Sri Lanka’s low ranking."

The event summit kicks off on October 11, with a discussion on how Sri Lanka’s open economy has worked for Sri Lankans, followed by the main conference October 12, that includes a roundtable discussion and Sri Lanka release of the Economic Freedom of the World report.

Sri Lanka is ranked 94th on the Fraser Institute’s annual Economic Freedom of the World Report, which is an improvement from last year’s ranking of 10.

This year the report is based on 2015 data collected from 159 countries and territories across the world.

Hong Kong and Singapore top the index. New Zealand, Switzerland, Ireland, the United Kingdom, Mauritius, Georgia, Australia and Estonia round out the top 10.

"Where people are free to pursue their own opportunities and make their own choices, they lead more prosperous, happier and healthier lives," says Fred McMahon, Michael A. Walker Research Chair in Economic Freedom with the Fraser Institute.

McMahon will deliver the opening address at the Advocata’s Economic Freedom Summit on the state of economic freedom in Sri Lanka.

State Minister of Finance Eran Wickramaratne and economist Economist Anushka Wijesinha will also address the seminar.

The summit will come to a close on the 13th October with an event in Sinhala language titled “Economic Freedom us” where LirneAsia chief Rohan Samarajiva will deliver the keynote address.

The Advocata Institute, which is hosting the event in collaboration with the Fraser Institute will present the final report to the Government. (Colombo/Oct11/2017).


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