Local investments to exceed $ 2.5 billion this year - Dr. Amunugama

The country's economy is set to achieve double-digit growth in the next couple of years with the inflow of Foreign Direct Investment and local investments are expected to exceed US$ 2.5 billion this year.

Enterprise Development and Investment Promotion Minister. Dr. Sarath Amunugama said that Sri Lanka has to gear itself to follow the success of India to gain the glorious opportunities of having one of the world's fatest growing economies.

Dr. Sarath Amunugama who was the chief guest at the inauguration ceremony of the Sri Lanka Economic Summit 2007 said, "India is on the verge of surpassing China as the world's fastest growing economy. " India's unprecedented growth" has been pushing the world economy for the past five years and is projected to keep going for another decade," he said.

"We have already signed FTAs with India and Pakistan and are on the verge of signing another with South Asia. We will be on the cutting edge of business, he said.

Amunugama said that he would be leaving for Germany next week to discuss the possibilities of opening a Volkswagen assembly plant for the Asian market. We must grow with the other South Asian countries, he said.

"The economy of the Western Province is growing at 9 per cent a year and within the next 2-3 years is set to reach, around 12 per cent which is on par with India's economic growth, he said.

He said that the Summit is a perfect opportunity to assess the advantages and disadvantages of Lanka's economy.

The welcome address of the Sri Lanka Economic Summit 2007 was delivered by Mahen Dayananda, Chairman, The Ceylon Chamber of Commerce. Dhammika Perera, Chairman and DG of BOI, Arun Nanda, Chairman, MD, Rediffusion DY&R, Prof. Lakshman R. Watawala, Co-chairman CCC Convention Committee, Prema Cooray, Secretary General - CEO of Ceylon Chamber of Commerce also spoke.

A special message sent by President Mahinda Rajapaksa was read by Lalith Weeratunga, Secretary to the President. (LSAW)