Sri Lanka plans to use its strategic location and leverage on our connectivity to become the Hub of the Indian Ocean, Prime Minister Ranil Wickremesinghe said.  

The PM made the observation during a speech at the 2nd Session of the Leader’s Roundtable of the Belt and Road Forum for International Co-operation, in Beijing, China today.

“The Government has already commenced the development of the three major ports - Colombo, Hambantota and Trincomalee, and the two international airports - Colombo and Mattala, which are all connected by road and rail to the proposed special Economic Zones. These initiatives will transform Sri Lanka into a shipping, aviation and a logistics hub.  Sri Lanka is also focusing on building the hard infrastructure such as the roads, water supply, power supply etc,” he said.  

He further stated that the Belt and Road Initiative complements Sri Lanka’s own initiative as they share the same synergies.  “Several of these advanced infrastructure projects, including the Hambantota Port, the Mattala airport and the Southern expressway have been carried out with finances from the Chinese institutions such as the Exim Bank,” said Wickremesinghe.

He siad Sri Lanka is strengthening financial connectivity by establishing an offshore financial centre in the Port City, which is a Real Estate Development project commenced under the Belt and Road Initiative.

“Sri Lanka is also expanding trade connectivity.  Today the EU Journal will grant us the GSP+ Tariff Concessions.  The FTA with India is being deepened.  We are also negotiating FTAs with China and Singapore. We have undertaken the restructuring of our economy including financial stabilization,  reviewing administrative regulations to cut red tape, lowering  tariffs and introducing a simpler tax system,” the PM said.

He also predicted that these measures will fully integrate the country with the Global Value Chain thereby obtaining the maximum benefits of the 4th Industrial Revolution.