Major expansion of leasing industry within five years - CB Governor

Ramani KANGARAARACHCHI

The leasing industry will expand hugely within the next five years as new areas are opened out. Sri Lanka is on track to achieve USD50 billion GDP growth, Central Bank Governor Ajith Nivard Cabraal said in Colombo yesterday.

Delivering the key note address at the Inaugural Annual Leasing Symposium, he said that the financial sector has to observe this carefully and ensure capacity to meet the challenge.

He said that new investors are coming and a revolution is taking place.

The world will bring new instruments and the country needs to watch them carefully to maintain financial sector stability, he said.

“Thirteen financial companies collapsed in the recent past and the lessons learnt are a good experience.”

Leasing Association of Sri Lanka President Sanjeewa Bandaranayake said that Leasing industry is the main facilitator and the catalyst of the SME sector and it is of paramount importance to implement global development in the country as it is driving towards being a developed economy.

He said knowledge Management and Knowledge sharing is the key today in the modern era and knowledge today facilitates the edge over others to provide value for money for the economy while enhancing the quality of life.

‘Therefore LASL being the apex body of the leasing industry of the country will promote training and education to enhance and share knowledge with an aim of developing professionals in the leasing field who in turn will contribute in developing the country’s economy.

He said that the aim of the Association is to expose leasing professionals to international and local experts from related disciplines at an affordable cost as this will enhance the quality of service delivery.