Sri Lanka invites global companies to be part of country’s growth story

Sri Lanka invites global companies to be part of country’s growth story

Sri Lanka’s Money, Capital Market and Public Enterprises Reform State Minister Ajith Nivard Cabraal has reportedly called on global companies to be part of the country’s growth story while assuring mutual benefits to all including the South Asia region.
Cabraal has made this observation while addressing the Sri Lanka Investment Forum (SLIF).
According to local media reports, the State Minister had used historical domestic developments to tell the world that Sri Lanka has done – and can do – what was previously dismissed as “impossible” or “cannot be.”
“When we spoke of achieving 8% economic growth, people said it is not possible, but we realised it in the immediate aftermath of the end of the war. When we aimed at single digit inflation people ruled it out, but it has been the case for the past 10 years. I will say the same when it comes to single digit interest rates and depreciation,” Cabraal has been quoted as saying.

Other achievements Cabraal had cited according to the Daily FT included 2.5 million tourists (in 2018), the first international sovereign bond, and the deposit insurance scheme.
He has further recalled that when President J.R. Jayewardene wanted to compress a 30-year Mahaweli Development Programme to six, there were sceptics but “he (J.R.) did it, and the same happened when the then President Mahinda Rajapaksa promised to win the war.”
Cabraal has also stated that Sri Lanka’s President Gotabaya Rajapaksa has set a challenge to move towards 100% organic material as opposed to chemical fertiliser, in a shift towards sustainable agriculture.
To deliver higher growth Cabraal has reportedly noted: “Leaders have to make tough decisions. Fortunately, in President Gotabaya Rajapaksa we have one who can make such a decision. The same way the then President Mahinda Rajapaksa was strong and decisive in taking decisions to deal with terrorism, infrastructure development and economic growth, today President Gotabaya Rajapaksa has the same ability to take some tough decisions, to make a change and take Sri Lanka to a sustainable development path. We need solid leadership that looks at the next generation rather than the next election. We have that.”

OSL take:

Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery after facing the impact of the global Covid 19 pandemic. All key economic sectors in the country are showing gradual growth while the government of Sri Lanka is engaged in an aggressive development programme aimed at taking the country to the next level of development. Sri Lanka is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country. Foreign businesses/investors could therefore confidently explore business/investment opportunities in Sri Lanka.

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Article Code : VBS/AT/20210611/Z_9

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