Lanka enjoying fruits of peace - PM

Ishara MUDUGAMUWA

Sri Lanka is a country with political stability. People all over the country, including the North and East are reaping the benefits of peace, Prime Minister D M Jayaratne said.

He was speaking at the inauguration of the second day of Expo 2012 at the BMICH yesterday.

The Prime Minister said that Sri Lanka has enough resources to develop the export sector.

“We have fertile land as well as other natural resources. Sri Lanka is self - sufficient in rice. Paddy land in the North and East is already being cultivated. The country is successfully moving towards becoming South Asia’s economic hub, as mentioned in the Mahinda Chintana Vision for the Future,” Prime Minister Jayaratne said.

Industry and Commerce Minister Rishad Bathiudeen said that Sri Lanka’s export revenue target by 2020 is US $ 20 billion.

“Despite the World Trade Organisation forecasting only a 5.8 percent world export growth for 2011, Sri Lanka’s export sector showed strong resilience, by registering a growth rate of 22.37 percent compared to 2010,” the minister said.

“Though there was a global economic downturn in 2011, export earnings reached US $ 10.4 billion the same year. Export target for 2011 was US $ 9.1 billion. Sri Lanka’s export sector contributes17 percent to Sri Lanka’s GDP. A positive performance was achieved by the export sector in 2011, especially in the industrial and agricultural sectors.

“Agricultural exports, which accounted for 23 percent of the total export earnings, grew by 11 percent while industrial exports, which accounted for 75 percent of the total export earnings, grew by 27 percent,” the minister said.

External Affairs Minister Prof G L Peiris, Urban Affairs Senior Minister A H M Fowzie, Industry and Commerce Deputy Minister Jayaratne Herath and Export Development Board chairman Janaka Ratnayake also participated.