Sri Lanka to join Regional Comprehensive Economic Partnership: president
COLOMBO, Feb. 7 (Xinhua) -- Sri Lankan President Ranil Wickremesinghe Wednesday said his country plans to join the Regional Comprehensive Economic Partnership (RCEP).
The president said at the inauguration of the fifth session of the ninth parliament that there has been a significant turnaround in the nation's economic landscape.
Presenting his policy statement, Wickremesinghe said that despite the 1.9 percent gross domestic product (GDP) deficit in 2022, Sri Lanka achieved a surplus by the end of 2023, marking the first such occurrence since 1977.
He said the country's tax registrations have surged from 437,547 to 1,000,029 between 2022 and 2023, and inflation, which stood at 50.6 percent last year, has dramatically decreased to a mere 6.4 percent today.
Wickremesinghe also revealed that there has been a substantial increase in tourist arrivals.
From 194,495 visitors in 2021, arrivals surged to 1,487,303 in 2023, with over 200,000 tourists visiting in January this year, he said, projecting a further increase in annual tourist arrivals to 5 million in the future.
Wickremesinghe added that despite a 7.8 percent GDP contraction and six consecutive quarters of negative growth since 2022, the nation rebounded with a 1.6 percent growth rate in the third quarter of 2023.
The president said these are remarkable achievements, contrasting them with Greece's decade-long struggle to recover from economic collapse.
Despite facing similar challenges, Sri Lanka managed to accomplish significant progress in a relatively short period, he said.
Wickremesinghe also pledged the modernization of all security networks, including intelligence agencies, equipment, training methods, troops and strategic activities, to effectively address emerging challenges.
The president also proposed to fully implement the free trade agreement with Singapore and pursue similar agreements with China, Indonesia and Bangladesh.
To catalyze economic growth, the Port City of Colombo has been identified as a special financial zone, facilitating the enactment of necessary laws and ordinances for conducting international financial transactions in the region, said Wickremesinghe.
Related articles
Iran helicopter crash that killed President Raisi could reverberate across the Middle East
JERUSALEM (AP) — The helicopter crash in which Iranian President Ebrahim Raisi, the country’s foreig2024-05-21Researchers unveil different response patterns of tumor
BEIJING, May 7 (Xinhua) -- Chinese researchers have unveiled two different response patterns of tumo2024-05-21Is this the raciest Eurovision EVER? Thongs, corsets, sheer bodysuits, bare bottoms, near full
The Eurovision Song Contest was plagued with political unrest and controversy in Malmö, Sweden on Sa2024-05-21BAFTA TV Awards 2024: Tess Daly exudes glamour in an off
Tess Daly exuded glamour in an off-the-shoulder white gown as she cosied up to her dapper husband Ve2024-05-21Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
WASHINGTON (AP) — The Supreme Court on Monday rejected an appeal by a Canadian-born former Guantanam2024-05-21Report: Trump may face $100 million
WASHINGTON (AP) — Former President Donald Trump may face an IRS bill in excess of $100 million after2024-05-21
atest comment