Development drive in full swing:

Investors keen on Lanka

Indunil HEWAGE

Many local and foreign investors have shown keen interest in participating in the country’s development drive more than before, Central Bank Governor Ajith Nivard Cabraal said.

Addressing the Certified Professional Managers (CPM) Annual Conference yesterday he said there is potential to transform the economy in the country by promoting foreign direct investments, local investments and foreign remittances.

“The country needs to promote foreign direct investments and foreign remittances aggressively. The country is recording a 12 to 14 percent growth in terms of foreign remittances each year. An upward trend in foreign remittances can also be seen in the country,” the Governor said.

“The Sovereign bond issue that was declared to lend US$ 1 billion obtained US$ 6.3 billion within the first day of the issue. This clearly shows the foreign investors’ confidence in the regulated market in the country. Development activities are being implemented throughout the country and every province is touched by at least one mega development program.

“The benefits of these will trickle down to every citizen in the country. Government’s regional development focus will play a bigger role in the development drive in the country,” the Governor said.

Cabraal said the country has shown healthy signs of being a rapidly developing country by exceeding the millennium development targets in a stipulated timeframe. Lanka will also aim at decreasing the poverty level up to 3.2 percent by 2015.

The prevailing investment gap needs to be filled by encouraging more local investments. Encouraging local investors to do their investments on a regular basis by providing incentives will help achieve set economic targets in the country.

“It took 56 years and five years respectively to record first and second US$ 1000 as Per Capita Income in the country.

Much effort is needed to record US$ 4000 Per Capita Income in five to six years. Money has to reach every place in the country and also ensure that all citizens have a stake in the country’s prosperity,” he said.