With SLSFTA, Singapore has the opportunity to invest directly in the healthcare sector in Sri Lanka under Mode 03 of International Trade in Services. Sri Lanka's healthcare hospital sector is one of the rapidly growing sectors and is continually faced with new problems and challenges. To understand the industry and its competitiveness, in the context of changing economic and political priorities in Sri Lanka and around the world, Portor's five forces analysis tool is used. In essence, threats related to the hospital sector are identified in this way. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get Original Essay Singapore's healthcare system (refer Attachment 04) is recognized as one of the best in the world with cutting-edge technology and latest evidence-based practices. If such a hospital is formed in Sri Lanka, there will be massive development in the healthcare sector in terms of patient care, technology, surgical treatment, etc. It will also be supported for rapid growth in the healthcare sector with more opportunities and to promote the healthcare sector internationally with a good image. Medical tourism is one of the focuses in the National Export Strategy and Industry for 2018-2022 released by the Sri Lanka Export Development Board (EDB). There is a good opportunity to promote medical tourism with growing interest and demand for wellness services in the world. There are many strong competitors such as India, Malaysia and Thailand as well as Republic of Korea and Dubai which set the benchmark for medical tourism. The main competitive factors are prices, access, facilities and the reputation of both the hospital and the specialist. These are considered generic qualities and success mainly depends on how much the destination and its investors are ready to invest in medical infrastructure and human resources to be shared across the hospital sector. Currently, more hospitals in Singapore such as Mount Elizabeth Hospital attract more patients from abroad including Sri Lanka. According to the Daily FT newspaper (published Saturday 14 March 2013), Parkway Pantai Assistant Center sends over 15 inpatients and 30 outpatients to Singapore every month for medical treatment. Most of the innovative technologies, managerial skills and knowledge are used by Singapore hospitals to maintain and improve service quality in a changing environment in the healthcare industry worldwide. The benefit of these foreign direct investments includes the transfer of new technologies, management skills and innovation to existing hospitals in Sri Lanka. Currently, some of the high-end laboratory tests are outsourced abroad, such as India, as the tests cannot be performed with the limitation of resources in the country. There is an opportunity to conduct these tests locally, with the establishment of major hospitals in Sri Lanka. Some medical equipment and consumables are currently imported from Singapore with related import taxes. The SLSFTA provides tax exemption and hence the cost of importing such items will be reduced. The objectives of this Agreement are to liberalize and facilitate trade and investment between the Parties in accordance with the provisions of this Agreement. Therefore, this free trade agreement will eliminate price controls and tax involvement for existing hospitals. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay Some.