“Govt has made important progress with bilateral creditors on debt restructuring”
While Sri Lanka recently experienced its most challenging period in recent times, socially, economically and politically, the government has made important progress in recent days in agreeing on terms to restructure its debt with key bilateral creditors.
This was opined by the first female Chair of the International Chamber of Commerce (ICC), Maria Fernanda Garza, who rang the opening bell yesterday to commence trading at the Colombo Stock Exchange (CSE).
“Looking into the future I hope there is an opportunity to chart a programme of domestic reforms capable of building a stronger, more resilient and inclusive economy and above all for practical solutions that ensure the sovereign debt crisis can be resolved swiftly and with minimal suffering to the lives and livelihoods.”
“This will clearly be a multi-year process of reform and I assure that the ICC stands ready to work with Sri Lanka in pursuing this call. Still, even so, we shouldn’t forget the opportunities that exist today at a micro or pragmatic level to boost trade and small business as a driver of productivity and job creation. We see huge potential for Sri Lanka to prime its trade capacity and by doing so bring the benefit of international commerce to smaller enterprises.”
She pointed out three areas in particular: first would be in implementing common sense customs and trade facilitation reforms, the second would be the digitalisation of trade processes and thirdly encourage you to reflect on the need to invest in developing local skills and capacity for international trade.
“We are delighted to work in Sri Lanka through our World Chambers Federation on a number of capacity-building skills related to export documentation and I hope Sri Lanka springboards to bring the wealth of expertise that ICC has to the private sector at large to deliver the skills and knowledge that companies and entrepreneurs need to enter the global market.”
“I hope you see ICC as a vital partner in a journey that lies ahead to create a stronger and more vibrant Sri Lankan economy. I know this country’s rich human capital; heritage and business culture brings out enormous opportunities in a highly competitive global economy.”
Shanil Anthony Ferenado, the Chairman of ICC Sri Lanka said that this is the second time that the ICC has rung the bell at the CSE, the first was in celebration of the 100 years of ICC in 2019.
“In celebration of this event ICC Sri Lanka, will be waiving off the membership entrance fee for all companies that are listed on the CSE that are not currently members of the ICC Sri Lanka.”
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