 Good afternoon and welcome everybody here in the room and also on our live stream our global audience on the live stream Welcome for joining us here for this press conference from the 47th annual meeting of the world economic forum 2017 here in snowy Davos Thank you for joining us We've heard from the President of China this morning, and we're very excited to hear from another head of state today here on the on the panel Welcome and I may say welcome back. Mr. Prime Minister To you watching let me quickly introduce the panel to you. We're joined by the prime minister of Sri Lanka, Ronnie Ricker Missinghe, welcome sir. We're joined by Ravi Karu Nana Yaake the finance minister of Sri Lanka. I hope I pronounced that that right. Thank you We're also joined by Harin Fernando who is the minister for telecommunications and digital infrastructure and We're also joined by the minister of development strategies and international trade of Sri Lanka, Mr Malik Samara Vikrama Welcome to all of you Prime Minister without further ado We spoke last year here and you presented an update to to the world on Sri Lanka Since last year. What can you share with us today? Thank you What I'd like to say is following up on what was said in the morning Asia is moving towards further economic integration And it was so in South Asia in the Indian Ocean, which is one of the least economically integrated Areas in that respect Many of the Asian countries have put forward their proposals policies Sometimes complementary to each other Sometimes competition with each other what the objectives have not not change In this respect Sri Lanka itself is making its contribution by making Sri Lanka the hub of the Indian Ocean Because with the hub concept of a logistic and a business hub, then integration becomes certainly more viable What we have done as far as Sri Lanka is concerned first is we are to Negotiate we started the negotiations and now to come we are in the process by mid this year to complete the negotiations for market entry firstly To the single market the GSP plus facility which gives concessions to Sri Lankan Goods and services have been approved in principle by the EU and the customary two months period After the two months period the announcement will be made as to the date on which Sri Lankan goods can enter the single market on the Asian side We are now dealing and negotiating Firstly with India our neighbor with whom we have a free trade agreement for a further comprehensive and a Deeper trade agreement the economic and technology cooperation agreement With India within it we also envisage that it will be possible for us to have Separate arrangements with the five southern states of India that be Andhra Telangana Kanta card Tamil Nadu and Kerala which together with Sri Lanka is a five hundred billion dollar Regional economy and has the prospects of even going up to a trillion dollars We are also having negotiations with Singapore and we'll complete that soon and FTA with Singapore FTA the Singapore and the economic and technological agreement with Cooperation agreement India will also enable us for further agreements of the Bay of Bingo or countries firstly Bangladesh and then the other countries such as Malaysia Thailand Indonesia Myanmar the one option may be to have a Agreement with the whole of the ASEAN rather than to negotiate with the Individual countries then we are also negotiating a free trade agreement with China with that The three of the of the four largest markets in the world three of them will be within the reach of Sri Lanka and market penetration Sri Lankan products will be able to and services your products and service penetrate these markets We will also be talking Japan on FTA with Japan. That's the first round of FTAs that we will be Conducting together with a deep further FTA agreement with Pakistan Together with this Sri Lanka government is now doing Also undertaking the structural reforms which will be announced in February and March Which will make it easier to do business in Sri Lanka for new tax incentives the macroeconomic Stabilization program with IMF has been agreed to and in that we are looking on infrastructure development for what's called the Southwest Corridor a development area starting in candy going through Colombo and Ending up in Hamban. So there will be two airports. There will be two harbors and with the industrialization of Hamban thought about and runer to take place with the new developments on the harbour and the airport We'll be having the industrial economy the bulk of the industrial economy will be in that In that corridor with further industrializing we push to the north of Colombo into the North-western province Similarly a second area of development will be the north-eastern economic development corridor around Trinkamalli But the Trinkamalli harbour will be developed. We are We have a contract with Sabanna Jorang of Singapore for the planning out of Trinkamalli. We are talking with India to come into the development of the Trinkamalli Port we also we talk with Japan and Singapore on the involvement for the development Singapore port together with the development of the Interior the agriculture for the agriculture which are already started in which are already started in part of The areas under the direction of president my trip are the city center Maybe we are looking we will we also initiate in work on the financial city as a offshore center for South Asia we be focusing on manufacturing on The digital economy on tourism There will also be the modernization of agriculture starting with the plantation crops. So these are these are the first steps that have been taken and when the process initiating by end of 2017 the plan will be in place and will be operational the laws will be in place and the The Strategy that we mapped out last year will come into play and Sri Lanka will make its own contribution to further integration of trade in the Asian sector as far as we are concerned especially in the Indian Ocean and the South Asian sector Thank You Prime Minister for sharing this update with us from from last year and also for Briefing us on the on the role of Sri Lanka as they happen the Indian Ocean Minister Samara Vikramma the Prime Minister hinted to it of the importance of trade as trade minister Can you can you elaborate a little bit more how this will play out? Yes? as the Prime Minister mentioned that we have made good progress with the our negotiations with China Singapore and India We hope to finalize the these trade agreements before June this year Which will result in in us having a market access of over two and a half billion people The problem we have had is that our exports Have been to the traditional markets USA UK a few countries in Europe and And and India, but it we need to now diversify the markets as well as diversify the products So we are doing that together with the ITC and with some assistance from World Economic Forum as well So we believe that Within a year or so we will be able to diversify our products as well as our markets at the same time What we lack is the know-how So we believe that the know-how can come either through the diaspora or through FDIs So it is of primary importance for us to ensure That the conditions are available in our country to attract the FDI So together with the Minister of Finance, we are working on improving the ease of doing business indicators We All the other areas where that had been looked into in that respect are being addressed so I believe that within the This 2017 is a very crucial year for us So all efforts will be made to ensure that the Prime Minister's vision and the president's vision will be carried out Thank you very much. You mentioned your colleague the finance minister on the cabinet Let's give him a chance to elaborate Obviously this sounds like a lot of investments have to take place Can you brief us a little bit on what Sri Lanka is doing in that field? Yes, as the Prime Minister said the state forward. We have basically Looked at as to how to take that into rapid growth We've looked at two areas one is how we can leave the foreign direct investments to come into Sri Lanka and use the existing Manufacturers who are the best of ambassadors to improve and increase their existing Investments in the country. So it's a two-pronged attack which has been done and as the Minister of Sustainable Development mentioned, it's a product diversification a market diversification Which will help us to increase the exports with dramatically reduced over the last 10 years So the perilous economy that we inherited when the new government came in has somewhat been brought under control or into strict policies that our Prime Minister has wanted up to a year and today we are on a right course where the fiscal Consolidation is coming in we are ensuring financial discipline is coming in and ensuring that the capital investment goes in for revenues of tomorrow so I guess overall we 217 is a very important one, but it's a role in here for the next three years as well So it is our intention to ensure that we get in cheap capital to ensure that we have a sustainable growth in the next couple of years Thank You Minister and last but definitely not least Minister Fernando which role will a digital infrastructure and telecommunications play Play out in this plan Well as Mr. Finance messages mentioned 2016 was an year that we formulated the policy for digital economy in Sri Lanka What we realized was we mapped out what we wanted to do for the next five years One thing we realized was we wanted to target at seven areas was one was digital connectivity And we wanted to have a national digital identity for every citizen Plus to have a national payment platform for every citizen as well to connect Also the government to be on one platform so everybody could connect Digital security digital legislation and digital education for everybody So these are the seven pillars that we wanted to concentrate and work along That's what what we started and I think 2017 will be the year where we will start to roll out everything From the first three months itself Plus that and I think even the World Economic Forum one thing that we started to initiate was The digital economy in South Asia as a group to initiate programs and I think we started an end of March we will have a round table conference with the South Asian group to start Moving as a group of South Asia to move forward for digital economy society as well So I think that's what we are going to do. Thank you very much Now Davos brings brings together representatives of the public sector and and of the civil society be but also there are 1200 CEOs here In Davos, so what's your message to to to these CEOs that are coming here together in Davos? What's the message you're giving them to to invest and come to Sri Lanka First is that in Asia? Free trade and globalization policies are going ahead. This is the expanding market Asia will be going to be the largest market The fastest growing region is South Asia and within it that Sri Lanka is going to be one of the attractive investments So come here and have a look at it Thank you Prime Minister so against the backdrop of skepticism about global integration and trade we hear a very Optimistic and positive message here. I think that is very welcome to many here in Davos Let's get a sense from the room if we have any questions To the gentleman here on the panel Please wait for the microphone can we get the microphone to the gentleman in the first role, please. Thank you I'm zaki Jabba from the island newspaper Sri Lanka Prime Minister now China is has committed they say they would invest five billion dollars Within the next five years What are the other areas from where you're expecting investments big investments? India will be investing and discussing that further with India There be Japanese investments coming in We hope there be Korean investments coming in but the uncertain political situation Korea at the moment is not conducive for any investment promotion Singapore there be from other countries also And then we feel even the European investments will come in. It's a process. So let's start with what we have Thank you gentlemen. You want to add to what the Prime Minister just said? Yes, if I may say that Our aim is to make Sri Lanka an industrial and logistic hub So it can't be business as usual approach that it takes too long and because of the Policies that have been adopted earlier. We realize that we've been left behind When you look at the countries in our region We we have far behind so it can't be a business as usual approach. We got to leave frog So in that respect the input from Organizations like the world economic forum is most welcome. So we have to work together to see how we can catch up and Get on par with some other countries in our region who has made rapid progress Thank you very much If I may add on only one thing that I could say is that Sri Lanka should be not looked at per se Obviously 23 million people but the market access that we have went to the free trade agreements We have with India Pakistan and with the impending China Singapore free trade so on that are coming in free trade agreements are coming in that is a Capturing source where from Sri Lanka you can penetrate into those markets So that's the opportunity that we are opening up and with the new vision that is unfolded by the Prime Minister and the president I think it is the best time because being left behind has also opportunity to gain We leapfrog into the new technology and able to ensure that we provide something which the others are unable because most of our peer Countries have been a spent force now investments in that area become expensive. So we have become I probably a competitive Production base that can export to the market and the tax incentives will be given So that they will be basically able to take advantage of the location as well as financially Placed from other countries that they have been investing today. Thank you very much Do we have any more questions from the floor? Okay, one more question from the gentleman in the front Who do you expect the infrastructure to be in place to attract these investments? Somebody is in place already. Yeah, the Hambatha to port It's a matter of getting the equipment the port is in place The equipment like gantry cranes and so on all had to be brought in We are confident that within six months the port will be able to take off similarly the expressways are being It's already been in progress The expressway to Hambatha We'll also be ready in two and a half to three years time the expressway to candy We'll also be commissioned in three years time So most of these other work is being done as far as the western region is concerned we know that light rail There's a program to have light rail for mass communication Elevated highways and so on so all these the request for proposals have been called and I Believe that in the next two three years We will have these in place Thank you very much. I must also add if I may That like president Xi Jinping mentioned this morning People have a lot of fear when changes take place But these are the challenges that we have to face And I'm we are very confident under the leadership of presidency the same and Honourable Prime Minister on it Victor Massinger that we will we will be able to meet these challenges and Ensure that our people will have Better life in the near future itself Thank you very much and If you if you're watching this and you are an expert from Sri Lanka, you heard the call Come back and support your country. You're you're welcome and you need it there I think that's that's important as well not just a message to the CEOs, but also to The people all over the world So if we don't have any more questions and mindful of the tight schedule of the gentlemen on the panel It's my task now to conclude this press conference Thank you very much for being here in the room and thank you for joining online and a special Thank you of course to the Prime Minister and his cabinet members. Thank you very much