Sri Lanka, officially the Democratic Socialist Republic of Sri Lanka, is an island country in the northern Indian Ocean off the southern coast of the Indian subcontinent in South Asia; known until 1972 as Ceylon, Sri Lanka has maritime borders with India to the northwest and the Maldives to the southwest. Sri Lanka has a documented history that spans over 3000 years. Its geographic location and deep harbours made it of great strategic importance from the time of the ancient Silk Road through to World War II. Sri Lanka is a diverse country, home to many religions, ethnicities and languages. It is the land of the Sinhalese, Sri Lankan Tamils, Moors, Indian Tamils, Burghers, Malays, Kaffirs and the aboriginal Vedda. Sri Lanka has a rich Buddhist heritage, and the first known Buddhist writings were composed on the island. The country’s recent history has been marred by a thirty-year civil war which decisively but controversially ended in a military victory in 2009.
Sri Lanka is a republic and a unitary state governed by a presidential system. The capital, Sri Jayawardenapura-Kotte, is a suburb of the largest city, Colombo. Sri Lanka is known as “the Pearl of the Indian Ocean” because of its natural beauty. Sri Lanka has also been called “Pearl of Indian Ocean” because of its shape and location, and “the nation of smiling people”. The island contains tropical forests and diverse landscapes with high biodiversity. In 1977 the Free market economy was introduced to the country, incorporating privatisation, deregulation and the promotion of private enterprise.
While the production and export of tea, rubber, coffee, sugar, gemstones, coconuts, the native cinnamon, and other commodities remain important, industrialisation has increased the importance of food processing, textiles, telecommunications and finance. The country’s main economic sectors are tourism, tea export, clothing, rice production and other agricultural products. In addition to these economic sectors, overseas employment, especially in the Middle East, contributes substantially in foreign exchange.Sri Lanka also has three deep-water ports, at Colombo, Galle, and Trincomalee, in addition to the newest port being built at Hambantota. The port at Trincomalee is the fifth largest natural harbour in the world.
[responsivevoice_button voice="UK English Female" buttontext="Listen to this Post"]Common and Economic Policy
The European Single Market is the single market of the European Union, which has officially existed under that name since 1 January 1993. Today, the European single market is the largest common market in the world. The four fundamental freedoms (free movement of goods, free movement of persons, freedom to provide services and free movement of capital and payments) form the basis of the internal market of the European Union. The creation of the European Single Market led to a new econo...
