The Export-Import Bank of Korea (Korea Eximbank) signed an aide-memoire with the Asian Development Bank (ADB) and the Government on April 26, marking the launch of ADB-KSP Joint Consulting to support the Government in drawing a blueprint for the Colombo-Trincomalee Economic Corridor (CTEC).
The signing ceremony was preceded by a high-level meeting (consultation workshop) where the interim report prepared by the ADB study team was presented to the government officials. KSP team also took the opportunity to unveil its study plan at the workshop.
Another workshop was held on April 27 with private sector stakeholders in an effort to create awareness about the CTEC development plan and also to initiate close cooperation and engagement with private sector.
CTEC development plan is a long-term and holistic policy instrument that provides opportunity for inclusive and sustainable development of Sri Lanka.
As Sri Lanka is on the threshold of upper-middle income status, it becomes increasingly important to synergize industry, infrastructure, logistics, and urbanization to create more jobs and income. In this context, GoSL has requested the ADB to lay out a comprehensive multisectoral integrated development plan to support the CTEC initiative.
Korea Eximbank has mobilized five renowned experts equipped with hands-on experiences and knowledge to provide value-added inputs for four areas of CTEC development plan which include 1) urbanization strategies and creation of small cities, 2) trade facilitation at international gateway, 3) investment promotion and investor outreach activities, and 4) promotion of entrepreneurship and innovative industries and enhancing the competitiveness of small and medium size enterprises (SMEs).Korea Eximbank’s collaboration with ADB is expected to make the CTEC development plan more implementable because Korean experts are expected to make augmentative contributions to the CTEC initiative based on the very experiences that Korea acquired while carrying out similar economic corridor development projects in 1970s to 1980s.