Wednesday, August 31, 2011

Lanka’s GDP to reach US $ 100 billion - CB Governor


Sri Lanka’s Gross Domestic Product (GDP) will reach a record US $ 100 billion by the end of the year, Central Bank Governor Ajit Nivaard Cabraal said. Speaking at the Ceylon National Chamber of Industries (CNCI) awards ceremony last night at Cinnamon Grand he said that this is currently at around the US $ 50 billion mark. Per capita income which is at around US $ 2,000 would also pass 2,700 soon, he added.

The Governor said these positive figures are being maintained at a time when most of the world economic giants are facing economic turmoil. "The success story of Sri Lanka is that the country had been insulated against the world shock by getting the macroeconomics right," he said.

"Sri Lanka has now entered an era of rapid economic and social progress. The macroeconomic stability reinforced by the long term development plans, significant development of physical infrastructure, and conducive business environment have contributed to the advancement in our industrial and manufacturing sector. A series of further initiatives are already under way to improve the investment climate and reduce the cost of doing business," the Governor said.

"The Ceylon National Chamber of Industries could be the catalyst in this process by supporting the private sector to seize numerous new opportunities which are opening up in many sectors of the economy. In this context, let us now work together to reposition Sri Lanka to accelerate the growth momentum and reach the per capita income of US $ 4,000 mark in the next five years," Cabraal said.

Panel of Judges Chairman Sunil G. Wijesinhe said that soon after the ending of the second world war industries in Japan were asked to do mass production compromising quality. "However they introduced a scheme of ‘quality awards’ for their products and the standard dramatically improved which prompted USA Europe and other countries to conduct quality awards as well," he said.

CNCI Chairman Sunil Liyanage said that today industries face competition both nationally and globally.

"Regional trade agreements whilst opening up new markets also brings with it, its own pit falls. To succeed, industries must adapt well and bring out from within, solutions through innovation and creativeness," he said.

"Through participation and involvement in events such as this, enterprises could benchmark themselves against best practices and strive for excellence," Liyanage said.

source -

No comments: