Thailand in four-pronged approach to boost SL growth

By Shabiya Ali Ahlam
As Sri Lanka is actively fishing for partners to propel growth, Thailand, the South East Asia’s second largest economy, yesterday affirmed that it is committed in collaborating with the island nation to help strengthen the economy.

Deputy Prime Minister (Economic Affairs) of Thailand Dr. Som Kid Jatusripitak, who is in Sri Lanka leading a high level delegation yesterday said his government is treating the strengthening of ties between the two nations as top priority.

“Thailand Prime Minister Prayut Chan-o-cha has reiterated his intention in our country’s participation in Sri Lanka’s path towards development. And for that, our collaboration with your nation is of high importance,” said Jatusripitak at a bilateral meeting on economic corporation between Sri Lanka and Thailand in Colombo.

In an effort to be a catalyst in Sri Lanka’s growth story, the deputy minister said there are four aspects in which Thailand plans on collaborating.

The first aspect is to increase Sri Lanka’s potential and capacity in terms of agriculture, under which the issue of community products is to be strengthened.
The second was to boost the value of products and emphasis of industries by aiding the nation with technical know-how.

The third was in playing a key role in developing Sri Lanka’s human resource for which the two countries entered into Memorandum of Understanding (MoU) earlier this week, on technical operations and joint programme of action for tourism.

The forth area in which Thailand expressed keen interest is in developing Sri Lanka’s tourism industry. Acknowledging the nation has “interesting and unique” sites, it was highlighted that weaknesses are in the area of transportation.

“For tourists to reach Kandy, for instance, it takes about four hours. That is too long and only a few will be willing to take that journey. Plans for investment in infrastructure are something that will be extremely important,” Jatusripitak noted.

While being optimistic on partnering with Sri Lanka, the Thai delegation was conscious of the limited availability of labour to assist the development drive. To this, the local officials assured that Sri Lanka is equipped with a highly dedicated and productive labour pool across all sectors.

Meanwhile, acknowledging Thailand’s “look west policy”, which prioritises the strengthening of economic links with South Asia, Minister of Development Strategies and International Trade Malik Samarawickrama said the interest expressed is timely as Sri Lanka is “looking east”.
The minister pointed out the unity government is “very conscious” on the need for development which is inclusive and regionally balanced that “touch the lives” of the citizens.

Highlighting that exports and FDI will be key pillars of growth, Samarawickrama stated Sri Lanka is determined in creating an enabling environment for a business-friendly development model.
“We are attaching high priority to improving the business climate. Investment policies, the ease of doing business, trade policy and trade facilitation are all receiving close attention as we seek to promote trade and investment more aggressively,” said the minister.

Of the total US $ 50 billion investments Thailand has made in foreign territories, mere US $ 3 million has been pumped into Sri Lanka. It was shared that promotional activities will take place in the near future to attract more Thai investments to the country.

The trade volume between the two countries reached US $ 519 million in 2014. Among that, US $ 57 million was Lankan exports to that country and $ 462 million were imports to Sri Lanka.