Sri Lanka looks to join global supply chain

The island of Sri Lanka is working to become a part of the global supply chain.

As the country emerges from a 30-year civil war that ended in 2009, it is in a unique position to join a global "bazaar economy," where various components are manufactured in a series of different countries and various parts of the same product can be sourced from all over the world, Lanka Business Online reports. Other countries, such as China, are already benefiting from the "bazaar effect."

"We have to be part and parcel of the global production process rather than trying to produce everything ourselves," W. A. Wijewardena, a former central bank deputy governor, told the annual sessions of the Sri Lanka Economic Association. "Everyone will have to work hard - there's no substitute for hard work. This is the real driver of economic growth in the next 5-10 years. Hard work comes from hard human capital development through hard learning and facilitating capital infrastructure for people to engage in economic activity."

In addition to high-quality education, gender equality and improved research and development, the island nation of Sri Lanka will also need to learn global English, or "globish," to stay competitive in the worldwide supply chain.