Sri Lanka’s fascinating growth story explored in 2017 report
View(s):Sri Lanka’s plans to capitalise on high levels of investor confidence and a US$1.5 billion deal with the IMF to implement a much needed modernisation drive and structural reforms are mapped out in a new report presented by the global research and consultancy firm Oxford Business Group (OBG).
The Report: Sri Lanka 2017 charts the island nation’s journey from decades of conflict to a new era of optimism, buoyed by strong growth, low unemployment and rising incomes, the organisation said in a media release listing details of the report which was launched in Colombo last week.
OBG analyses the part that improved transport infrastructure, including upgrades to ports and roads, together with Customs reforms, will play in helping Sri Lanka to strengthen trade and international relations, while building on its strategic location in the Indian Ocean.
The report explores the government’s plans for developing the tourism sector further while highlighting the activity already under way, which includes a raft of new hotel openings.
In addition, OBG looks in detail at the country’s fast developing telecoms and IT industry, which is being driven forward by rising demand for a wider range of services from a growing and increasingly tech savvy population.
Other areas of Sri Lanka’s economy examined include the country’s all important agricultural industry, which is earmarked for modernisation as part of a national drive to boost both production and exports.
At the June 19 launch of the report, experts shared their thoughts on the building blocks expected to drive growth across the key sectors of the economy. Speakers also explored the part that the country’s economic fundamentals are playing in boosting investment from international banks and financial institutions.
Oliver Cornock, OBG’s Editor in Chief, introduced the debate, which was attended by VIPs, representatives from the public and private sectors and the media while the Governor of the Central Bank gave the keynote speech.
Speakers included: Central Bank; Upul Jayasuriya, Chairman, Board of Investment; Samantha Ranatunga, chairman, Ceylon Chamber of Commerce; Dilshan Wirasekara, CEO, First Capital; and Dushan Casie Chetty, Head, Commercial Banking, Standard Chartered.
Mr. Cornock said the report indicated that the reforms needed to help Sri Lanka reach its long term goal of securing sustainable and inclusive economic growth were taking shape.
“While the post war years have brought impressive economic expansion and investor interest, pockets of poverty and inequalities remain an issue,” he said. “Our findings suggest that Sri Lanka’s new government is already moving to realign its economic policy and address these weaknesses, while embarking on an infrastructural overhaul that will undoubtedly sit well with investors eyeing the country’s many opportunities.”The report marks the culmination of more than six months of field research by a team of analysts from Oxford Business Group. The publication assesses trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others. The Report: Sri Lanka 2017 is available in print and online.