High Commission of Sri Lanka in India

Honoured delegates

Distinguished Guests

Good afternoon.

1. It is with great pleasure and a deep sense of commitment that I participate today, to discuss the promising future of economic cooperation especially in trade, investment, and tourism, between Sri Lanka and our esteemed BIMSTEC partners. Thank you to the Ceylon Chamber of Commerce for inviting me to this session. At the outset permit me to accord all of you here, a warm welcome to the country session on Sri Lanka.

2. We are united here by a shared vision of progress and prosperity for our region, culminating in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation–BIMSTEC. It is representative of a dynamic and forward-looking group of nations, each bringing unique strengths to our collective table. Together, we undoubtedly have the potential to transform our economic landscape and build a more integrated and prosperous future.

3. Trade is the lifeblood of our nations, and it is through enhanced economic cooperation that we can unlock new opportunities and drive mutual growth. Sri Lanka, strategically located at the crossroads of major shipping routes, stands as a vital trade hub in the BIMSTEC region. By reducing trade barriers, harmonizing regulations and improving logistics, we can facilitate smoother and more efficient trade flows between our countries. It was in pursuit of this aspect that in 2004, the BIMSTEC member countries agreed to establish a framework for a free trade area. This consensus as we know has been with the objective of boosting trade and investment within the region. However, certain aspects of this framework are still being negotiated and remain incomplete. It is timely that we strive with greater resolve to have this regulatory system in place at the earliest.

4. As progress on the free trade area framework within BIMSTEC has been slow, we are now focusing on specific components including trade facilitation and mutual assistance on customs matters. With these areas being prioritized I believe that we are on a trajectory to finalize the Trade arrangement and move forward. In the meanwhile, let us build on our existing bilateral trade agreements and work towards expanding market access. By encouraging bilateral trade and investment through fostering intra–regional partnerships, we can ensure that businesses in Sri Lanka and across BIMSTEC thrive in a more interconnected and supportive environment. As a tourism and export- oriented economy, Sri Lanka is seeking to boost trade and investment relations with BIMSTEC member countries. The recently concluded FTA with Thailand which will be implemented in January 2025, the ongoing negotiations with India on Economic and Technology Cooperation Agreement (ETCA) and progressing negotiations with Bangladesh for a Preferential Trading Agreement culminating in a FTA, are initiatives Sri Lanka has taken in this direction. Efforts have been made to improve market access, and attract investments.

5. Expectedly investment is another cornerstone of our cooperation. Sri Lanka offers a wealth of opportunities for investment in sectors such as infrastructure, technology, and renewable energy in addition to tourism infrastructure and agriculture. We are committed to creating a favorable investment climate, marked by transparency, stability and robust support for investors.

6. In turn, we welcome investments from our BIMSTEC partners, believing that collaboration in sectors such as manufacturing, finance, and innovation could yield significant benefits for all. By pooling our resources and expertise, we can drive economic growth and create jobs, thereby enhancing the quality of life for our citizens.

7. Related to economic cooperation is the Tourism sector, where the potential for growth is boundless in the region. Our countries, with their rich cultural heritage, natural beauty, and historical significance, offer unparalleled experiences to travelers. Sri Lanka, with its stunning landscapes and vibrant culture, is eager to welcome visitors from BIMSTEC nations and beyond. This makes connectivity crucial, requiring infrastructure development imperative for Sri Lanka, especially in the sectors of hotel construction, transportation, energy and digitization. To tap into the potential, we must also work together to promote our unique destinations and develop joint tourism initiatives.

8. To reap the benefits of economic growth, we must not forget the importance that blue economy holds in the BIMSTEC region, as most of our member nations are also Indian Ocean littoral states. As we know, the term 'Blue Economy' stands for the sustainable use of ocean resources for economic growth, improved livelihoods and employment while preserving the health of the ocean ecosystem. The 19th BIMSTEC Ministerial Meeting in March 2023 approved the inclusion of Blue Economy as a Sub-sector under the Trade, Investment and Development Sector of BIMSTEC.

9. For Sri Lanka, Blue Economy includes multiple sectors ranging from fisheries, aquaculture, renewable energy, maritime transport, nautical tourism to recreational boating etc, which are areas shared by a majority of BIMSTEC member countries. Policy making and effective implementation of sound regulatory frameworks and sharing of best practices are among the necessities to harness cooperation in Blue Economy in the region. The active participation of the private sector also remains imperative to make tangible outcomes.

10. In conclusion, the future of economic cooperation between Sri Lanka and BIMSTEC countries is bright with promise. Our collaboration is not merely a matter of economic necessity but a testament to our shared resources with the vision of a thriving, interconnected region. Let us seize this moment to further strengthen our partnerships, embrace new opportunities, and work together towards a future, where our economies flourish, our investments bear fruit, and our trade and tourism sectors thrive. Thank you for your commitment to this shared journey. Together, we can build a brighter future for our peoples, our nations and the region. Let us concertedly do just that.

Thank you.