Sri Lanka High Commission in Ottawa

Foreign Secretary Admiral Professor Colombage chairing the   21st Session of the Senior Officials’ Meeting (SoM) urged BIMSTEC Member States to embrace the “new normal, and adapt fast”, at the first virtual meeting held on 2 September 2020, in Colombo.

In his inaugural remarks, the Foreign Secretary stated that  global dynamics will not be the same after the COVID-19 pandemic as it has affected  all  States,  in various  degrees, as  it  transformed  from  a health crisis  to an economic and human crisis  as described by the  United Nations Secretary General António Guterres. In fact, he stated that the   crisis has affected the very fabric of   daily life of BIMSTEC Member States as  economic activities have slowed down with global and regional value chains disrupted, millions of people have lost their jobs with many pushed into poverty and  therefore the  meeting was timely, as it  is an opportunity to build on the assurances made by Heads of State of BIMSTEC Members on combatting the adverse effects of COVID-19 at the 23rd  Anniversary of the BIMSTEC Day held in June 2020. He said that their messages were clear and encouraging as the Leaders had reiterated and acknowledged the need to build a better and resilient   organization that could leverage regional cooperation in the recovery and rehabilitation process in post COVID-19.

Given that the region is home to 23% of the world population, Foreign Secretary stated that the devastating effects affecting the vulnerable sections can only cripple economies and divert resources that were once used for upward mobility in Member States. The collective GDP of US dollars 3 trillion, which was a benchmark prior to the pandemic, should not become an unattainable goal in the face of this devastation, he said and that the goal should be to surpass. Therefore, he stated that the sector driven Organization  should collectively promote trade and investment cooperation, strengthen energy cooperation, increase connectivity and people-to-people contact, focus on disaster management and public health, combat terrorism and extremism, deal with the adverse effects of climate change and work towards poverty alleviation.

As the lead country for Information, Technology and Innovation sector in BIMSTEC, Sri Lanka informed that it will put forward proposals that would enhance the use of technological tools in daily life to address post COVID-19 effects and also cater to the demand for internet based economic activities and that the proposed setting up of the BIMSTEC Technology Transfer Facility, in Colombo would further augment the work Sri Lanka proposes to undertake in the sector.

The 21st SoM was preceded by the Fourth BIMSTEC Permanent Working Committee (BPWC) chaired by Additional Secretary Economic Affairs Ambassador P M Amza of the Foreign Ministry.

Read more: SRI LANKA URGES BIMSTEC MEMBER STATES TO EMBRACE THE “NEW NORMAL” FOR REGIONAL PROSPERITY

The Export Development Board (EDB) and the Foreign Ministry are working closely together to increase the country’s export revenue and mitigate the negative impact of the COVID-19 pandemic on the export industry. Sri Lanka’s export income which stood at US$ 277 Mn in April 2020 has increased to US$ 1,090 Mn in July 2020 and is projected to grow in the coming months. There are several joint initiatives taken by the EDB and the Foreign Ministry to enhance exports. This includes identifying new market opportunities, creating awareness by disseminating market alerts, addressing supply chain issues, enhancing capacity building through webinars, and creating business linkages to support existing exporters to sustain their exports.

During the COVID-19 lockdown which began in late March, Sri Lanka’s Missions and Posts overseas continued to share updates and developments relevant to the markets they covered. These updates included available market opportunities as well as changes to trade and policy regulations during the pandemic which enabled Sri Lanka’s exporters to adapt accordingly. The functioning of this mechanism also enabled Sri Lanka’s exporters to share their supply capability information with buyers swiftly, via the Foreign Ministry and its network of overseas Missions. The export opportunities that were identified and made use of in this manner related in particular to face masks, protective gowns, PPE (Personal Protective Equipment), rubber gloves, hand sanitizers, tea and food products. EDB being the facilitator for Sri Lankan exporters made efficient arrangements to circulate market updates rapidly among exporters via email and its website, and made use of IT based solutions to connect exporters and importers by organizing a series of webinars in collaboration with foreign trade chambers with the assistance of Sri Lanka’s Missions overseas.

Read more: EDB AND FOREIGN MINISTRY ACCELERATE EFFORTS TO BOOST EXPORTS