IFC plans to double investments in Sri Lanka
Mark Spofforth
World Bank-affiliate, the International Finance Corporation plans to double its investments in Sri Lanka on the back of the current economic boom the country is witnessing now, an IFC official said.
“Now is a good time to invest in the emerging economies and Sri Lanka stands prominent as it’s economy is on the growth path,”CountryManager IFC, Adam Sack told the Business Times on the sidelines of the 33rd National conference organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) last week.
Mr. Sack who was the keynote speaker at the event said that IFC has plans of doubling investments in Sri Lanka and if there’re parties interested in securing long term capital for their projects to ‘please come and see me’.
He said that foreign direct investment hasn’t really taken off. “This tells us that Sri Lanka has an opportunity to do better,” he added. Mr. Sack also noted that there hasn’t been much diversification in exports and urged the government to ease tariffs in a bid to increase exports. He said that sound economic management is paramount for economic growth. “In this case maintaining moderate inflation rates, etc is important,” he said, stressing that the private sector needs consistency.
The capital market in the country is relatively under developed, he added, noting that a vibrant capital market is important to the country’s growth.
Exploring an inspiring theme, this year’s conference had two days of technical sessions, which centered on ‘WINNING: Country, Corporate, Citizen’, aiming to solve the puzzle of success. This year’s conference saw a range of pertinent issues relevant in today’s unpredictable economic and business conditions, including how to recover following the 2008 financial meltdown, the importance of following a sound and winning strategy, and the importance of winning against all odds, in the face of failures. Some 1200 professionals including chartered accountants and business leaders participated at this conference which saw many eminent panelists take to the stage. With the present unpredictable environment pushing corporates across the world to revamp their overall policies and strategic framework, the conference also explored means to overcome the current uncertainty prevailing in the world and thereby ensure ‘winning’ at a country, corporate and citizen level. The importance of cultivating a positive attitude was discussed at the technical sessions, while experts also delved in detail on developing a winning image through strong branding and marketing activities, which is critical in the current economic context. The final session will explore in depth on the accounting profession, which has seen a significant impact in today’s business environment and how the profession can lead the business world towards all time success.
Guest of honour, Mark Spofforth,President of the Institute of Chartered Accountants of England and Wales, also addressed the conference
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