To achieve quantified targets of economic prosperity:

‘Imports and exports have to be competitive’

Achieving economic prosperity is like winning another war. To achieve the quantified targets of economic prosperity steps such as doubling the per capita income within the next six years to US$ 4,000 and maintaining a sustainable economic growth of eight percent, have to be taken.

“Sri Lanka only marked an eight percent economic growth in 1968 and 1978.

Thereafter we were not able to maintain that economic growth even with an open economy. It is timely that the country should maintain a long-term economic growth with an investment friendly economic environment,” Colombo University, Department of Economics, Prof. Sirimal Abeyratne said.

“To achieve a massive leap forward by transforming the country into a dynamic hub in knowledge, ports, aviation, energy, and commerce and finance we need bold reforms,” he said, speaking on the theme of Achieving eight percent growth rate of Mahinda Chinthana: Constrains and Challenges organized by the Pathfinder Institute recently.

“In becoming a hub we need have greater openness and global competitiveness. We cannot be isolated if we are to be a hub. The connectivity is very important in becoming a hub. The building of linkage with other countries that have achieved hub status is vital. There should be no door closed in a hub,” he said.

“We need to have competition in importing and exporting. Non-discrimination among sectors leading to genuine expansion is essential. Encouraging foreign investment is wiser than foreign borrowings.

Let investment and entrepreneurship emerge from policy environment and not from the Government. Allowing the public sector to be more efficient, cost-effective and demand-driven is essential. However, it should not be a hindrance to the economic growth. A macroeconomic fundamental to be stronger and predictable is another point,” he said.

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