Sri Lanka to remove ‘anti-export bias’ in regulations: Malik

ECONOMYNEXT – Sri Lanka’s government aims to remove an ‘anti-export’ bias in government regulations that has hampered post-war export growth, Minister of Development Strategies and International Trade Malik Samarawickrama said.

The government is putting in place a framework for faster export growth and prioritizing fiscal consolidation, which will bring about stability and subdue inflation, he said at the launch of the World Export Development Forum – 2016 in Colombo.

Improving investment policy, ease of doing business and trade facilitation are among its highest priorities, he said.

“We are reviewing laws and tariffs to reduce transaction costs and remove the anti-export bias,” Samarawickrama said.

The ethnic war affected export growth and investment. But after the war ended, the country had a set of policies with a strong anti-export bias, Samarawickrama said.

The real exchange rate became overvalued and several para-tariffs affected export growth, with the economy becoming as closed as in the 1970s. (Colombo/May 06 2016)

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