Despite facing and nursing a pandemic, Sri Lanka will look at achieving a 6% economic growth Prime Minister Mahinda Rajapaksa told the Economic Forum in Colombo yesterday.
The Premier recalled that during the 9-year period from 2006 to 2014, despite the expenditure for the fight against LTTE, Sri Lanka’s GDP increased from USD 24 billion to 79 billion. However, during the next five years the GDP only increased to USD 82 billion and stagnated.
However, with the rapid development drive, which was stalled under the previous regime being reactivated, mega projects like building of highways, carpeting 100,000 KM of roads, acceleration of the Colombo Port City, Hambantota Economic and Special Pharma Zone, Water For All and other slimier projects have once again commenced.
“We are also encouraging renewable energy investments in a bid to reduce our oil import bill. Sri Lanka anticipates around USD 15 billion investments from world famous entrepreneurs in the next five years for the Port City development alone and to attract them, investor friendly legislature was introduced in Parliament recently. These projects will increase the cash flow helping Sri Lanka to achieve the 6% growth target. The government is not keen on international borrowing but opts for FDI and other similar funds via private equity, listed securities, venture capital and other debt instruments,” Rajapaksa said.
He also praised the performance of the Colombo Stock Exchange despite the COVID-19 pandemic.
“Our government has already started to put a number of measures in place that would make Sri Lanka an attractive country for investors from all around the world. These measures are aimed at ensuring that both local and foreign investors will be able to establish profitable ventures without unnecessary barriers. In this background, we eagerly invite you to select Sri Lanka as your investment destination of choice,” the PM requested.
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