Sri Lanka gears for value-added economic growth

Ramani Kangaraarachchi

Sri Lanka’s goal is to develop another 10 sectors to diversify and manifest its potential towards value added economic growth which will open up new vistas for the local business community to interact with their Asian business counterparts, Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) Chairman, Kosala Wickramanayake said.

He was addressing the inauguration ceremony of the Third SAARC Business Leaders Conclave in Colombo yesterday.

He said Sri Lanka is ideal for investment ranging from manufacturing to services and the private sector is the engine of growth.

He hoped to germinate practical, positive action led by the private sector and to leverage the free trade agreements among the nations more meaningfully.

World Bank, Senior Advisor Fayez Omar said South Asia suffers from three infrastructure deficits. They are service, policy and cooperation deficit. The three priority areas for regional cooperation include telecom and internet, energy and transport. He said the private sector is the harbinger of integration and growth and the World Bank is highly appreciative of the work carried out by the SAARC Chamber of Commerce and Industries and for being the catalyst for regional integration in South Asia.

The theme for the conclave was ‘Regional Cooperation for Socio Economic Development in South Asia’.

In three sessions it discussed about global financial crisis and impact on South Asian economies, climate change and food security challenges in South Asia, trade facilitation and trade promotion. Over 300 businessmen representing India, Pakistan, Bangladesh, Sri Lanka Bhutan, Maldives and Nepal attended. The event was organized by the International Affairs Division of the Federation of Chambers of Commerce and the SAARC Chamber of Commerce and Industry of Sri Lanka.