American fund manager notes the growing investment prospects in Sri Lanka
An American fund manager, Times Square Capital Management has reportedly said that the prospects for investing in Sri Lanka are getting stronger with reforms initiated by the government, which could put the country on a sustainable growth path.
“The investment case for Sri Lanka is getting stronger with the support of the IMF,” Caglar Somek, Senior Portfolio Manager at TimesSquare Capital Management and investor in Sri Lankan equities for over 10 years has been quoted as saying.
“Sri Lanka has domestic avenues for growth, according to third party estimates such as the Economic Intelligence Unit,” he has reportedly told the “Invest Sri Lanka Investor Forum” organized by the Colombo Stock Exchange (CSE) and the Securities and Exchange Commission (SEC) in association with CSE member firms.
“Over 70% of long term sustainable growth will likely come from the consumption and investment side of the economy, which is encouraging,” he has said.
May 2009, when the 30-year ethnic war ended, was a turning point for the country and for foreign investors, Somek has said.
According to him, the CSE statement at the event has noted that the country is now on a sustainable growth path after going through a significant transition.
Somek has said the present growth and future estimates could further improve if the government continues its reform process beyond the IMF programme and attracts additional foreign direct investors.
As for the key attractions of Sri Lanka as a frontier market, the senior portfolio manager has said that Sri Lanka offers a more diversified economy, compared to other oil and commodity heavy frontier markets.
The statement by the foreign fund manager is a vote confidence on the Sri Lankan economy. The remarks made on the growing economic prospects in the country at the Invest Sri Lanka Economic Forum would undoubtedly indicate the growing opportunities for investors to enter the country’s economy.
|Article Code :||VBS/AT/19102017/Z_1|