Lanka’s GDP to reach US $ 100 billion - CB Governor
Shirajiv SIRIMANE
Sri Lanka’s Gross Domestic Product (GDP) will reach a record US $ 100
billion by the end of the year, Central Bank Governor Ajit Nivaard
Cabraal said. Speaking at the Ceylon National Chamber of Industries (CNCI)
awards ceremony last night at Cinnamon Grand he said that this is
currently at around the US $ 50 billion mark. Per capita income which is
at around US $ 2,000 would also pass 2,700 soon, he added.
Bamini Engineering and Contractors Jaffna won a special
gold, award at the CNCI awards ceremony last night. Here
Bamini Managing Director, T. E. Balasundaram receiving the
award from Ceylinco Insurance Managing Director, R.
Renganathan. Nippolac Paints Managing Director, Raja
Hewabowala looks on. Picture by Saliya Rupasnghe |
The Governor said these positive figures are being maintained at a
time when most of the world economic giants are facing economic turmoil.
“The success story of Sri Lanka is that the country had been insulated
against the world shock by getting the macroeconomics right,” he said.
“Sri Lanka has now entered an era of rapid economic and social
progress. The macroeconomic stability reinforced by the long term
development plans, significant development of physical infrastructure,
and conducive business environment have contributed to the advancement
in our industrial and manufacturing sector. A series of further
initiatives are already under way to improve the investment climate and
reduce the cost of doing business,” the Governor said.
“The Ceylon National Chamber of Industries could be the catalyst in
this process by supporting the private sector to seize numerous new
opportunities which are opening up in many sectors of the economy. In
this context, let us now work together to reposition Sri Lanka to
accelerate the growth momentum and reach the per capita income of US $
4,000 mark in the next five years,” Cabraal said.
Panel of Judges Chairman Sunil G. Wijesinhe said that soon after the
ending of the second world war industries in Japan were asked to do mass
production compromising quality. “However they introduced a scheme of
‘quality awards’ for their products and the standard dramatically
improved which prompted USA Europe and other countries to conduct
quality awards as well,” he said.
CNCI Chairman Sunil Liyanage said that today industries face
competition both nationally and globally. “Regional trade agreements
whilst opening up new markets also brings with it, its own pit falls. To
succeed, industries must adapt well and bring out from within, solutions
through innovation and creativeness,” he said. “Through participation
and involvement in events such as this, enterprises could benchmark
themselves against best practices and strive for excellence,” Liyanage
said.
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