‘Property developers play lead role’

Ramani KANGARAARACHCHI

Real estate is the fastest growing sector in the country at present, therefore property developers will have to play a lead role in the whole process, Central Bank Deputy Governer D Weerasinghe said.

He was the keynote speaker and the chief guest at the inauguration of knowledge sharing conference on “Role of real property development in an emerging economy” at the Centre for Banking Studies in Rajagiriya yesterday.

He said Sri Lanka is now entering a high growth path and moving towards a higher quality of life and better living standards. The IMF has categorized Sri Lanka as emerging market economy from low income economy. As such, the per capita income of US$ 4000 by 2015 is very much within the reach. Thereafter, the overall outlook of Sri Lankan economy will change further. In 2010 the country has a clear economic growth of 10 percent compared to three percent in the previous year.

Deerasinghe said the tourism industry will develop very fast exceeding five percent growth within the next 10 years through the arrival of two and a half million visitors and the development of five hubs concept of the government which include port, aviation, and knowledge. The development of five ports in Hambantota, Trincomalee, Oluvil, Colombo South and Kalmunai will make a huge difference in infrastructure development within the next few years.

“However, the country will need more resources, and some resources are not enough. Therefore foreign direct investments are very vital. Key areas must get serious attention and more IT systems are also required because the country need to be faster than the other countries around us,” he said.