Driving growth through fast track implementation

The Sri Lanka Economic Summit 2011 organized by the Ceylon Chamber of Commerce for the 12th consecutive year will focus on ‘Driving growth through fast track implementation’. The Summit is scheduled for July 4 and 5 in Colombo.

The administrative system with respect to many spheres in Sri Lanka has not been restructured to meet contemporary requirements. The technical sessions will focus on the sectors that demonstrate greater prospects for growth as well as on progress in implementation of reforms initiated by the Government.

In the current context of high international competition, transparent and simplified systems and procedures are crucial to draw investments to a country and to retain investors. The Economic Development Ministry together with the Central Bank of Sri Lanka have already taken an initiative to improve Sri Lanka’s ranking in the World Bank’s Ease of Doing Business Index which covers vital areas connected to business such as starting a business, obtaining construction permits, paying taxes etc. The first technical session of the Summit will be on the government’s strategy to improve Sri Lanka’s ranking in the Ease of Doing Business Index involving simplification of procedures and modernization of systems.

The financial sector is a cross-cutting sector that has a strong bearing on the development of other sectors. Application of an appropriate monetary policy that brings in macro-economic stability whilst promoting investment and growth in productive sectors is fundamental for accelerating growth. It is of greater significance to Sri Lanka when the country has stepped on a new growth path. The session will deliberate an appropriate monetary policy for Sri Lanka and reforms required to the financial sector to facilitate the country to achieve its economic targets.

The sessions that follow will focus on key growth sectors of the economy, tourism, information and communication technology, business process outsourcing and higher education and skills development. Parallel sessions will also be held on logistics, agriculture, healthcare and construction. All these sectors have potential to expand and draw investments from the private sector. The Summit will conclude with a session with the Parliamentarians from the government and the opposition on ‘Breaking the bottlenecks in development’.

During the inaugural session, keynote speaker Treasury Secretary Dr. P.B. Jayasundera, will elaborate the government’s vision and strategy to develop the economy and the investment policy framework. Economic Development Minister Basil Rajapaksa is slated to be the chief guest at this event. Ministers, key government officials and private sector leaders will also speak at the Summit.

The sponsors for this event of national importance include Airtel (Platinum), CIC (Gold), Access Engineering (Silver), Standard Chartered Bank (Bronze), Citizens Development Bank as well as Cinnamon Grand ( Host hotel) and BBDOSWARA and Proximity Sri Lanka (Communications partners).