The World Bank announced today a technical assistance and advisory programme with the Australian Department of Foreign Affairs and Trade (DFAT) and the Ministry of Development Strategies and International Trade (MODSIT) to enhance the competitiveness of the private sector and unleash the potential of Sri Lankan exports.
‘The program aims to address the most significant obstacles to the creation of new private enterprises and the growth of existing ones; the attraction of efficiency-seeking foreign direct investment (FDI) into the country; and the growth of higher added-value exports. Ultimately, the program responds to the vision of the GoSL to facilitate the transformation of the economy through exports and private sector growth. In turn, thriving and competitive private enterprises are expected to be the source of new jobs,’ the statement read.
‘Under this collaboration, the Government of Australia has made available 6 million Australian Dollars that will enable the provision of technical assistance by the World Bank to MODSIT and other public sector stakeholders on areas including improvement of the investment climate; enhancement of the ability to attract FDI; elimination of policy and regulatory barriers to trade; development of export-oriented Small and Medium Enterprises (SMEs) and high-growth start-ups; and sustainable and inclusive growth of the Tourism sector. In particular, through this program the most significant regulatory, procedural and institutional obstacles will be identified and the relevant authorities will receive assistance to implement necessary reforms.’
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