Industrialization Experience in Sri Lanka - 1506 Words

Abstract On the whole, this paper gives an analysis on the impact of globalization on Sri Lanka and further examines the industrialization experience in Sri Lanka following the market-oriented policy transformation instigated in 1977, while emphasizing on the establishment of trade Policies including Foreign-Direct-Investments (FDI). Moreover, this paper recognizes that policy alterations have positively played a key role in converting a primary-product-exporting economy to an economy which manufactures exports value-added goods. The paper discusses different phases of Government policy towards international trade private investment in Sri Lanka since the independence in 1948, with the objective of emphasizing the positive impact of†¦show more content†¦7) Athukorala and Jayasuriya (2004, p. 5) states that the government of Sri Lanka back then, determined on a broad trade liberalization process in 1977 as a rejoinder to the depressing economic result of an inward-looking policy. Furthermore, by doing so Sri Lanka became the foremost country to establish a government policy of trade liberalization in the South Asian region as well. At the outset, a number of stern controls were eliminated for all investors. According to International Monetary Fund (1996, p. 20-45) these included reduction of tariff and non-tariff trade barriers, amalgamation of the exchange rate, modification of administered prices, restructuring of export taxes, liberalization of interest rates and diminished restrictions on pricing and investment by the private sector. In addition, during this phase, Sri Lanka experienced drastic diminution of restrictions on foreign investment with new trade incentives for export-oriented foreign investments under an attractive Free Trade Zone (FTZ) which is also referred to as an Export Processing Zone (EPZ) According to Kelegama (2002, p. 1488) private investments responded well to these reforms, increasing by an average of 13% a year within four years. 3.0 Textile Apparel Industry 3.1 Textile Apparel Industry on a Global SettingShow MoreRelatedSri Lanka Post Independence Essay1532 Words   |  7 Pagesfirst decade after independence in 1948, Sri Lanka (commonly called Ceylon until 1972) continued as an open trading nation with only relatively minor trade and exchange rate restrictions. 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