Confidence among local and foreign investors grow:

Chambers hail Sri Lanka’s stable rating

Charumini DE SILVA

Sri Lanka’s rating outlook has been lifted from negative to stable by Standard and Poor. This will enable Sri Lanka to attract foreign direct investments and increase the confidence of local and foreign investors.

The Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) President, Kosala Wickramanayake said it was indeed great news that Sri Lanka’s credit rating has been uplifted as stable.

Investor confidence among Sri Lankan investors and foreign direct investors rose rapidly during the past few months and this is an indication that investor confidence will grow further.

He said the Ministry of Finance and the Central Bank of Sri Lanka needed to improve the credit rates as it is at present to maintain the momentum of a positive economy to be carried into the next two to three years. The policies of the Government have to be put into operation with a long-term prospect to have a stable economy. We hope that President Mahinda Rajapaksa will introduce policies in keeping with the current economic boost in the forthcoming budget, he said.

“The business community should focus on future opportunities that are available and invest accordingly”, Wickramanayake said.

The Ceylon National Chamber of Industries (CNCI) President, Newton Wickramasuriya told Daily News Business that the change in the credit rating is a clear indication of the financial stability of the country. This will enhance the confidence of investors and also boost trading opportunities in imports and exports.

He said since peace has been stabilized in the country, a favourable atmosphere has to be created to attract more tourists, which will have all-around benefits. “I think the role of the business community at present is to have confidence in themselves and act accordingly like in investments. Then only could we pass on the message to the international business community that investments are flowing into the country and they will also invest in Sri Lanka”, Wickramasuriya said.

National Chamber of Commerce of Sri Lanka (NCCSL) CEO/Secretary General, E. M. Wijethilake said the ongoing development projects would be accelerated with the positive economic environment. The Government should develop the post war areas and the infrastructure in those areas.

The Government should enter into public and private partnership programs with regard to economic development activities, which will also offer an opportunity to the private sector to develop the economy. He said as the business community they see that the Government needs to focus on regional development projects. Agriculture should be improved and we see a great potential in the agricultural sector. The Government has taken the initiative to improve the agricultural sector and under this initiative it will also help to develop the rural economy.

“The corporate sector has to perform positively realizing the opportunities that are offered and we should conduct the business and projects accordingly,” Wijethilake said.