'Achieving Double-Digit Growth'

In keeping with the primary objective of Economic Summit 2007, Session 1 has been named "Achieving Double-Digit Growth".

Organised by The Ceylon Chamber of Commerce (CCC), in partnership with the Board of Investment of Sri Lanka (BOI), for the second year in succession, Economic Summit 2007 is themed as "Spreading the Wings of Development."

In the past, Sri Lanka's economy grew at a moderate pace of around 5% pa., which has of late been accelerated to around 6% - 7%pa. If the living standards of the people of the country are to improve more rapidly the country should keep pace with other developing countries in South Asia and elsewhere. Sri Lanka needs to accelerate its pace of growth to around 10% pa.

The macro economic framework of the Government's ten-year development plan elaborates on how growth is intended to be taken to double digit levels and spread to the regions over the next few years. The session will review what the private sector needs to do to accelerate growth and what it will expect from the Government as facilitation support.

The first session of the summit, chaired by Dr. Sarath Amunugama, Minister of Enterprise Development and Investment Promotion, will elaborate on the growth strategy that is envisaged by the Government for the country and identify what needs to be done to achieve it.

The keynote address for this key session on "Achieving Double-Digit Growth" will be delivered by Alan Rosling, Executive Director, TATA Sons Ltd, on "How Great Companies Achieve It", followed by Dr. P.B. Jayasundera, Secretary to the Treasury-Ministry of Finance and Planning, who would speak on "Macro Economic Development framework for the next ten years".

The other speakers are Richard Vokes, Country Director, Asian Development Bank, who would speak on the "Asian Experience" and Mahen Dayananda, Chairman of The Ceylon Chamber of Commerce who will speak on the "Role of the Private Sector". The session would be co-chaired by Dr. Anura Ekanayake, Deputy Vice Chairman of The Ceylon Chamber of Commerce and it also includes a Q and A session.

Trade and Investment play a key role in economic development of a country. To achieve sustained economic growth of 8-10 percent, Sri Lanka needs to increase the rate of investment from the current level of 28 percent to 35-40 percent. Given the low rate of savings in Sri Lanka such an increase requires the country to attract a significant amount of foreign direct investments.

Session 2 of Sri Lanka Economic Summit 2007, titled "Trade and Investment-Unleashing the Potential", will elaborate on steps being taken by the Board of investment to make Sri Lanka a more attractive investment destination and the incentives that are offered to foreign investors.