Lanka moving towards economic growth - Indian Envoy

Suraj BANDARA

Most of the Indian companies are looking at Sri Lanka as one of their potential investment destinations for business expansion, Indian High Commissioner Ashok K Kantha said.

He was speaking at the "Industrial Excellence Award 2009" organized by the Sri Lanka Chamber of Small Industry (SLCSI) recently. The Chamber celebrated its 46th anniversary with their new identity of Sri Lanka Chamber of Small and Medium Industry (SLCSMI).

He said that Global economic turmoil did less damage to both countries since they maintained strict regulatory action to face any challenge.

"Sri Lanka is moving towards economic growth and a new era has dawned in the economy. With the eradication of terrorism, Sri Lanka could acquire economic stability soon," he said.

In the sphere of human resources development, Sri Lanka has pioneered and has moved ahead more than the other South Asian countries.

It is a key success in terms of economic growth is concerned, Kantha said.

SLCSMI President Aloy Jayawardene said new opportunities must be examined and identified in the industrial world and confront the problems which limit the growth and expansion in the sector if we want to survive. Small and medium enterprises play a vital role in the Sri Lankan economy.

The Government's decision to lower the interest rates targeted to channel the credit liquidity to private sector industrialists and stimulate national economic growth and combat global recession. It is expected to promote credit utilization of the private sector and thereby enhance performance.

This is a vital step in terms of the economy is concerned. The suspension of penal rates imposed on non-performing loans would bring down the cost of funds. These rates also should apply to outstanding balances of existing loans," he said.

Hansteel Fabrico won the Platinum award and Bopitiya Auto Enterprises won the Gold award while D.S. Engineering Company won Silver award at the Industrial Excellence Award 2009.