With the aim of capturing regional IT talent and demand, Sri Lanka is to establish five IT Parks with tax-free status with construction set to begin during the end of July. The IT Parks aim to attract foreign firms to establish ventures within Sri Lanka.
Secretary to the President Dr. P. B. Jayasundera noted that Sri Lanka aims to improve growth within the economy by regaining the growth momentum that was lost in 2015. The aim is to increase GDP per capita to US$10,000 within the next 5 years.
Jayasundera made these observations yesterday addressing the Sri Lanka Investor Forum.
SLASSCOM expects US$1.7 billion in 2021 to increase to US$ 5 billion by 2024. The TRCSL under the directive of the government has begun an accelerated rollout of broadband access throughout the country.
Over the recent period, the external government debt has come down by US$ 4 billion to US$ 32 billion. External debt of the banking sector has come down from US$ 7.6 billion to US$ 6 billion levels. In the next 30 days, Sri Lanka will service a US$ 1 billion bullet payment for an International Sovereign Bond.
Sri Lanka will have accelerated foreign direct investment and exposure when the ADB Forum takes place in Sri Lanka. The government has a growth target of 6%. Jayasundera said, “volatility in foreign exchange will be short term.”
The country aims to build external reserves by transforming the current account into a surplus. The country will continue to explore policies of import substitution and efficiencies will be sought in the agricultural sector.
