Editorial

Security

Politics

World

Letters

Sports

Obituaries

Archives

by SUREKHA GALAGODA

Sri Lanka's economy looks set to consolidate on the peace dividend as the country's business leadership last week showed consensus on the success of the peace talks in Sattahip, Thailand. The record upturn in the stockmarket was only the first indication of the potential upswing in economic dynamism that was indicated by the positive response by the business community to the results of the talks.

With the rise in investor confidence, several business chambers are expected to further expand their organisational activities in the North and East with a view to facilitating investment in these regions. Business chambers and the private sector leaders expressed confidence, in a Sunday Observer survey, that the peace talks initiated by the Government and the LTTE would succeed. Meanwhile, the Colombo bourse recorded the highest daily turnover and the third highest daily turnover in its history on Thursday in the aftermath of the first round of peace talks.

Chairman, St. Anthony's Group of Companies, A. Y. S. Gnanam while welcoming the positive developments said that "the present approach by both the government and the LTTE is good. Therefore it will succeed," he said. He added that "we need to have our own way of developing the country with clever thinking and not by imitating another country."

Managing Director and CEO of Chemanex Ltd Lal De Alwis said "we are experiencing growth already and our products are being sent to the North and East and activity is picking up fast."

"Even investors are showing confidence and they have already started to make inquiries and have even approached us. All this will result in a growth in the GDP which will result in benefitting all the people." He said the AOTS world convention that was on the verge of cancellation would be held in Sri Lanka due to peace dawning in the country. It will bring 300 delegates from 45 countries to Sri Lanka next month.

The leadership of the Ceylon Chamber of Commerce (CCC) is "delighted" at the success achieved in the first round of talks. According to a spokesman, "the business community under the leadership of the Chamber will do its utmost to support the process to see its logical end of achieving lasting peace through business and investment generation and put the economy on a solid foundation".

The Ceylon Chamber which was among the first business organisations to make its presence felt in the Jaffna Peninsula following the Ceasefire Agreement, has already set up networks to coordinate business links with the North and East and to channel investment to these regions. The Chamber expects the success at Sattahip to give a boost to trade and investment links with the North-East.

Meanwhile, the Federation of Chamber of Commerce and Industry Sri Lanka (FCCISL), the apex organisation of private sector organisations, has hailed the outcome of the first round of peace talks.

A Federation statement said: "The FCCISL is happy to note the positive approach taken by both the government and the LTTE. This is a turning point in the history of Sri Lanka. The FCCISL views this position with utmost delight with the hope of reconstructing the economy of the country for the larger benefit of the people of this country."

"The FCCISL pioneered linkages between the North and South by establishing a constituent chamber in the North with a view of building business to business relationship to help the people to people contact which helped substantially towards the present position."

A spokesman for the Ceylon National Chamber of Industries (CNCI) told the Sunday Observer that the Chamber "congratulates the PM on the initiative taken by him to find a lasting solution for peace in the country."

A Chamber statement said: "The statement made by Anton Balasingham where he stresses that self determination should not be construed as a demand for Eelam is indeed very encouraging and proves that peace will be achieved.

"The CNCI is also very appreciative of the role played by John Westborg Norwegian Ambassador in Sri Lanka, Vidar Helgesen Norwegian Deputy Foreign Minister and special envoy Eric Solheim who functions as a facilitator to help us find a solution for lasting peace in our motherland, added the statement."

President National Chamber of Commerce of Sri Lanka (NCCSL) Chandra Embuldeniya said: "There is no time to waste. We must take the momentum forward by getting down to business. The government is handling the situation in a very methodical and sensible way.

"While the talks are on we should get ready with the system to provide an excellent service to the would be investors by getting our act together." Managing Director and Chief Executive Officer of Sri Lanka Institute of Information technology and Chairman ICT Cluster Dr. Lalith Gamage was "confident the peace talks will succeed as the government and the LTTE have passed the point of no turning back."

He said that a lot of very large investors are making arrangements to come and invest in Sri Lanka taking advantage of the peace dividend.

"The IT companies who have established operations in India are making plans to establish their disaster recovery sites for IT enabled services in our country," he disclosed.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager