Sri Lanka has put in place a framework for both fiscal and monitory management and it has now come to the implementations stage of these plans, said Governor Central Bank Indrajit Coomaraswamy.
Speaking at the 23rd annual awards ceremony of the Institute of Charted Ship Brokers, on Friday he said that there were very good plans ahead and the jury is very much out there to decide if they do it right or not. “The big questions is can we deliver? So in the next two to three years it’s going to be implementation and implementation.”
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Governor Indrajit Coomaraswamy
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The Governor said that the private sector too has to play a major role in this process and they have to open their wallets, take risks and invest locally. “Local investors has to recalibrate their risk appetite and take advantage of positive opportunities from the country.
The foreign investors too would look at the local investment patterns before they invest,” the governor opined.
He said that for the country to go forward FDIs and also increase of exports were needed. “Sri Lanka has failed very badly in the exports segment. Entrepreneurs must remember in the future companies cannot only manufacture for the local market and be content but must look at exports too. This applies to the service sector too,” Dr Coomaraswamy asserted.
With several trade agreements to be inked this year with India, China, Singapore and also with the GSP Plus facility once again Sri Lankan exporters would have a market in the excess of 3 billion people.
He said that due to these agreements Sri Lanka would introduce and strictly implement anti-dumping laws to safe guard local industries. Commenting on the shipping sector he said that it too has a major role to play. “Sri Lanka is located just 20 km of the world’s fastest growing economy, India and also in a prime location in the China Silk route.
The investment zone in the US 500 million plus investments at Hambantota Port by the Chinese too would open out opportunities to the shipping community.”
He said that steps were taken to address the exchange rate problem and gradually it would be brought down. He said that the inflation too has been at a satisfactory single digit.
“We will also introduce a flexible inflation target soon which would be very proactive. There will also be several other similar measures that would further improve the macro economic conditions,” he added.
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