Sri Lankan president Wickremesinghe calls for liberalisation of service sector to attract foreign direct investment (FDI)

COLOMBO: Sri Lankan President Ranil Wickremesinghe emphasised the need to gradually liberalise the country's service sector to attract foreign direct investment (FDI).

The president also said steps should be taken to gain membership in the Regional Comprehensive Economic Partnership, the world's largest free trade agreement to date, the President's Media Division (PMD) said in a statement on Sunday. Wickremesinghe made these remarks during a meeting with the officials of the National Trade Negotiations Committee at the Presidential Secretariat, Xinhua news agency reported. The president talked to them about free trade negotiations, the future outlook of international trade, and the importance of aligning policy priorities.

He further said that in parallel with the expansion of international trade activities, the government will implement a trade adjustment programme to support local industries to adjust to the competition.

Access to regional and global supply chains and re-engagement with the global economy to enhance export and export-oriented foreign direct investment is an element of the government's economic reform programme to revitalise the domestic economy, he said. (IANS)

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