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The Sri Lankan Government is taking steps to initiate a tripartite trade and economic pact among Sri Lanka, India and Singapore shortly, Prime Minister Ranil Wickremesinghe told a group of investors and business persons in Singapore yesterday.

Prime Minister Wickremesinghe was addressing a seminar organised by the Singapore Trade Chamber in collaboration with the Board of Investment at the Marin Mandarin Hotel.

The Prime Minister, who is on an official visit to this island State, disclosed that this matter has been brought to the notice of Singaporean leaders. He said Sri Lanka must develop close relations with India and Singapore to spur development and strengthen the economy.

The Premier stressed that establishing peace in Sri Lanka was vital to develop the country economically.

"Singapore has achieved a very high level of development with only three million people. With nearly 19 million people, it should not be impossible for Lanka to achieve rapid development," he observed.

"If we take appropriate measures to create a peaceful environment, that will help achieve speedy development and generate a large number of employment opportunities. Our doors are always open for foreign investors." He reiterated that a political solution was essential to solve the current crisis.

"The day-to-day needs of the people around the country must be identified. This is why we lifted the ban recently and started sending goods to the people in Northern areas."

Prime Minister Wickremesinghe said that the Government has decided to observe a permanent ceasefire, which will also help to start peace talks. The war has completely crippled the Lankan economy, resulting in a negative growth rate. The government aimed to increase this up to four per cent.

The seminar was also attended by participants from neighbouring countries who too forwarded number of questions to the Prime Minister.

The investors asked the Prime Minister about the novel programs initiated by the Government on par with the Government's 100 day -development program and how this program affects foreign investors.

The Premier replied that the government has implemented many investor-friendly projects in line with the 100 days program. The BoI has identified and taken steps to solve many problems related to foreign investment, so that investors could begin operations in Sri Lanka without facing any difficulties.

Rehabilitation, Resettlement and Refugees Minister Dr. Jayalath Jayawardana, UNP Chairman Malik Samarawickrama, Sri Lankan envoy in Singapore Chitrangani Wagiswara and BoI Chairman Arjun Mahendran were also present.

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