ADB-KSP joint consultants hold dissemination seminar for CTEC
View(s):The Export-Import Bank of Korea (Korea Eximbank) in collaboration with the Asian Development Bank (ADB) recently held a dissemination seminar on the Colombo-Trincomalee Economic Corridor (CTEC).
This is aimed with sharing the final policy consultation paper with Sri Lankan government officials from the Ministry of National Policies and Economic Affairs, Ministry of Industry and Commerce, Ministry of Development Strategies and International Trade and Sri Lanka Customs and other relevant ministries and organisations. The ADB-KSP joint consulting programme was launched in April this year to support the Sri Lankan Government in drawing a blueprint for CTEC, the Korean Embassy in Colombo said in a media release.
Even though Sri Lanka is just below the threshold of upper-middle income country status, there are challenges that it needs to overcome. Low foreign direct investment (FDI) inflow compared with those in other countries like Vietnam and Myanmar, a non-vibrant Small and Medium Enterprises (SME) sector, an inadequate custom system and risks arising from unplanned urbanisation are some of the challenges.
These factors contributed to a decline in the export to GDP ratio from 29 per cent in 2000 to 12.5 per cent in 2016.
“In this context, by providing hands-on experiences and knowledge that Republic of Korea acquired from implementing similar economic corridor development projects from 1970s to 2000s, this ADB-KSP joint consulting programme will make practical contributions to the CTEC initiative which will boost an export-oriented economy and revitalise Sri Lanka. This joint consulting offers comprehensive policy recommendations tailored to the needs of Sri Lanka, especially focusing on four areas – FDI promotion, strengthening the competitiveness of SMEs, single window custom system and urbanisation. Korea Eximbank may finance development projects related to these four areas and other economic infrastructures in Sri Lanka,” the release added.
While Korea Eximbank provides Official Development Assistance (ODA) for international development and cooperation, KSP (Knowledge Sharing Programme) is a special technical assistance programme provided by the Korea Eximbank under the auspices of the Ministry of Strategy and Finance of Korea to share Korea’s development experience and knowledge accumulated over the past decades with partner countries.