May 28, 2024

Sri Lanka to get trade and economic assistance from SCO’s Multi-functional Platform

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The Shanghai Corporation Organization’s (SCO) Trade and Economic Multi-Functional Platform pledged trade and economic assistance to Sri Lanka through the platform.

A senior delegation of the Shanghai Corporation Organization’s Trade and Economic Multi-Functional Platform called on Prime Minister Dinesh Gunawardena at the Temple Trees this Wednesday to discuss ways and means of establishing cooperation.

Chen Tao who is the Executive Director of the Think Tank of the Trade and Economic Multi-Functional Platform for SCO Member Countries remarked that Sri Lanka would immensely benefit from this SCO window.

“The SOC-TEM Platform has the potential to help third-world countries by providing access to trade and economic opportunities within the SCO member countries,” he said. “They include increased market access for which the platform’s trade information module can help businesses in Sri Lanka to identify new export markets and make informed decisions about their trade activities. This can lead to increased market access and greater economic opportunities,” he said.

He added that the logistics module can help businesses in Sri Lanka to streamline its supply chain management, reducing costs and improving delivery times. This can help these businesses to compete more effectively in international markets.

The financial module can provide access to financing options such as loans and credit facilities, which can help businesses in Sri Lanka to grow and expand. This can lead to increased investment and job creation in these countries, Tao said.

He further noted that E-commerce opportunities would be another potential benifit to the country

“The e-commerce module can provide a platform for businesses in third world countries to sell their products online, either within the SCO countries or internationally. This can help these businesses to reach new customers and expand their markets, even if they have limited resources for marketing and distribution,” he added.

The Prime Minister urged the delegation to support Sri Lanka to upgrade suburban transport services in Sri Lanka using modern technical know-how. He also requested to facilitate e-commerce modules for Sri Lanka to enter into online trade with the member countries of the Shanghai Cooperation Organization (SCO).

Further, he requested to establish cooperation between Shanghai City and Colombo City under the MoU signed in 2002.

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