Sri Lanka reiterates its commitment to work harder to address the elements of commodity dependence
22 August 2024, Amsterdam: H.E. Mrs. Rekha Gunasekera, the newly appointed Ambassador of Sri Lanka to the Netherlands and Governor of CFC for Sri Lanka, is seen with Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities (CFC). Ambassador Gunasekera came to visit CFC for the first time upon her assumption as Ambassador of Sri Lanka to know more about the activities of the CFC and its impact on the ground. Ambassador Gunasekera was accompanied by Ms. Sasireha Shanmugam, First Secretary of the Embassy.
After exchange of pleasantries, Ambassador Belal provided Ambassador Gunasekera with an overview of the current and potential future initiatives of the CFC. In light of the challenges posed by the COVID-19 pandemic, Ambassador Belal emphasized the importance of fostering stronger working relationships and partnerships with countries moving forward. He also underscored the significance of capacity-building initiatives beyond the conventional scope of the CFC's projects, drawing lessons from the pandemic.
Ambassador Belal expressed deep gratitude in recalling the historic contributions of His Excellency Gamani Corea towards the establishment of the Common Fund for Commodities (CFC). His Excellency Corea, a distinguished Sri Lankan diplomat and economist, played a pivotal role in the creation of the CFC, driven by his vision of supporting developing countries in overcoming the challenges of commodity dependence. Ambassador Belal highlighted how Corea's efforts laid the foundation for a global mechanism that continues to provide crucial support to commodity-dependent nations, helping them achieve sustainable development and economic resilience.
Furthermore, Ambassador Belal discussed the introduction of the Agricultural Commodity Transformation (ACT) Fund, previously known as CIIF, at the LDC5 Conference in Doha. He shared the CFC's roadmap for poverty alleviation in the Least Developed Countries (LDCs), Land Locked Developed Countries (LLDCs), and beyond. Member countries were encouraged to join the ACT Fund as anchor investors and promote it to the private sector.
Ambassador Gunasekera reiterates Sri Lanka’s commitment to intensify efforts in addressing the challenges associated with commodity dependence. Recalling the historic role of His Excellency Gamani Corea, Ambassador Gunasekera elaborated on how critical role commodities play in Sri Lanka’s, the country is dedicated to implementing strategies that promote diversification, enhance value addition, and reduce vulnerability to global market fluctuations. By focusing on sustainable practices, improving market access, and fostering innovation within the commodity sector, Sri Lanka aims to build resilience and ensure long-term economic stability.
She expressed the desire for increased CFC investment in Sri Lanka to support smallholders, enabling them to raise their incomes and alleviate poverty. Ambassador Gunasekera appreciated the CFC's efforts in addressing the challenges faced by smallholders and SMEs (small and medium enterprises) as she reiterated Sri Lanka’s commitment to work harder to address the elements of commodity globally.
As a nation with a rich history in the commodity sector, Sri Lanka recognizes the importance of tackling issues such as market volatility, value chain inefficiencies, and the socio-economic vulnerabilities of commodity-dependent communities.
Ambassador Belal urged Ambassador Gunasekera to be engaged in CFC’s activities to fulfill the shared journey of eradicating poverty. He further encouraged Ambassador Gunasekera to disseminate relevant information on the CFC’s call for proposals so that qualified SMEs/enterprises, both within and outside of Sri Lanka, could submit high-quality projects for consideration by the CFC's Executive Board.
The meeting concluded with mutual assurances of support and a commitment to follow up on necessary actions in the coming days.