Record 7.6 percent 1H growth
Charumini de Silva
Sri Lanka today is on the economic map again after five extraordinary
years. The country has been recording high growth levels even during the
most difficult times due to internal and external factors.
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From left: Former Director Economic Affairs and Commonwealth
Secretariat, Dr. Indrajith Coomaraswamy, Securities and Exchange
Commission of Sri Lanka Chairperson, Indrani Sugathadasa,
Colombo Stock Exchange Chairman, Nihal Fonseka, Hatton National
Bank Managing Director and CEO, Rajendra Theagarajah and Global
Equities Middle East and RBC Capital Markets Managing Director,
William Kostoff at the Forum. Picture by Roshan Pilapitiya |
“We recorded GDP growth levels of six percent except during last year
due to the global economic meltdown. However, even last year the country
achieved a growth of 3.5 percent where most of the western economies
recorded negative growths,” Central Bank Governor, Ajith Nivard Cabraal
said.
He was speaking at the forum on Sri Lanka Unveiled - Importing Wealth
which commenced yesterday.
The Governor said it took a lot of effort in having a stabilized
macro economic environment. The industrial harmony, borrowing at
competitive rates, political stability, relaxed monetary policies,
reduction of inflation rates and improved investor confidence have been
remarkable achievements during the past five years.
The Government is very ambitious in developing infrastructure that
will benefit the entire gamut of economic activities. Ports, air ports,
expansion of national road network, bringing down the unemployment rate
to 5.2 percent, increase in foreign reserves which is close to US $ Six
billion, reduction in debt to GDP ratio, stabilized financial sector and
strong banking networks are some of the achievements.
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Sri Lanka Unveiled Forum |
Ten Fortune
500 companies are keen on investing in power and energy, ports,
aviation and tourism sectors in Sri Lanka. The main objective of
Sri Lanka Unveiled - Importing Wealth forum is to attract these
investors to the ample opportunities available in the country.
The delegation is looking at the prospects, comforts, stability
and concessions that will be provided to them. The delegation
will be meeting 15 local business leaders from the Trincomalee
Chamber of Commerce and the Hambantota Chamber of Commerce
today.
Sri Lanka Unveiled forum was organized by the Royal Bank of
Canada (RBC), Board of Investment (BOI) Sri Lanka, Aimlight,
Thani Group and the Business for Peace Alliance (BPA).
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“During the first half of this year the country recorded a 7.6
percent growth and we expect to reach a growth rate of over eight
percent next year.”
“The economic stability of the country is impressive during the short
period of time. Sri Lanka’s ratings have been improved, doing business
ratios have improved daily and we have achieved some of the Millenium
Development Goals (MDG),” he said.
There are enormous opportunities Sri Lanka is offering with the
vibrantly diversified economy. Tourism, infrastructure, education,
health, agriculture and fisheries sectors provide tremendous
opportunities for all stakeholders.
“It is the time for all the investors to seize the opportunities that
are offered by the country and be a part of the success story of the
nation. Now is the time”, the Governor said. |
