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Tuesday, 23 November 2010

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Focus on long-term lending

Making Lanka an emerging economy:

The banks in Sri Lanka need to focus on long-term lending in the future while becoming development banks to make Sri Lanka an emerging economy in the world. Addressing the Post Budget Seminar held yesterday Treasury Secretary Dr P B Jayasundara said 2011 budget has paid much attention to hyper incentive activities in the country covering the productive youth workforce to a range of diversified aspects in the society.

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Chambers welcome progressive budget

Several important taxations have been liberalized as the Chamber had also suggested and has offered incentives to investors and agricultural industry. “The Government is targeting at reducing the inflation rate and we are confident that the trade deficit could be covered up as it has been brought down further. In this investment friendly environment, the private sector and investors could expect more Foreign Direct Investment (FDI) to flow,”

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Supermarket trade set to grow

The supermarket trade in Sri Lanka is expected to grow 20 percent per annum in the years to come owing to increasing purchasing power of the consumers. It is expected that this growth would be apparent from the next year. Richard Pieris Group Director and Chief Operating Officer (COO) Pravir Samarasinghe said the retail market which consists of small boutiques will also record about three to five percent growth per annum in keeping with the Government’s objective to record seven to eight percent economic growth in the country.

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Budget 2011

Budget benefits for all

Budget 2011 speech delivered by President Mahinda Rajapaksa in his capacity as Finance and Planning Minister in Parliament yesterday:

People have placed their confidence in us to lead our beloved motherland to a brighter future. They want a decent living, a clean environment and a better life for their children. I remain firmly committed to give an uncompromising leadership to fulfill their aspirations. It is with that commitment I rise here today to present the 2011 Budget. I am also humbly proud as the Finance and Planning Minister for being able to reduce poverty to 7.6 percent during last five years while taking our country forward as an emerging economy in Asia.

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Prince meets Lankan entrepreneur: The Prince of Wales met award-winning young entrepreneur from Sri Lanka, Fathuma Nisreen, at a dinner in London hosted in his capacity as Youth Business International (YBI) President. Nisreen, who runs a women’s bags and clothes company Ramsi Fashion in Hambantota, is a beneficiary of Hambantota Youth Business Program and was named as the YBI Entrepreneur of the Year 2010 earlier this year. Here Fathuma Nisreen with the Prince of Wales in London.



 
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