Private sector can help rebuild Lanka's economy

Sri Lanka is well poised to achieve economic growth following the restoration of peace in the country.

The success of Japan lies in its private sector which helps the country's economy. And it is the second largest economy in the world, said Japanese Ambassador Kunio Takahashi.

Takahashi, said that he hopes Sri Lanka would capture the benefits of peace to achieve stability and economic prosperity.

The clear economic policies supported by a vibrant private sector helped Japan to rise from ashes following the devastation of the Second World War.

The Ambassador was addressing the 15th Joint Meeting of the Sri Lanka-Japan and Japan-Sri Lanka Business Co-operation Committees held from November 18-20 in Colombo.

A top Japanese business delegation representing large conglomerates attended the joint meeting to explore opportunities to invest and set up industries in the Northern and the Eastern provinces.

The Joint Committee Meeting (JCM) focuses on a solid private sector driven business cooperation for economic prosperity between the countries.

"Sri Lanka has a great economic potential due to its high literacy rate, competitive workforce and the low cost manufacturing opportunities", Takahashi said.

The JCM was set up in 1979 and since then there has been a marked growth in trade and investment between the countries.

Chairman of Sri Lanka-Japan Business Co-operation Committee, Sumitaka Fujita said that Sri Lanka has the potential to be a manufacturing base in the South Asian region as it's a strategic location and stability in the country. "Japan has already started supporting Sri Lanka in its efforts to rebuild the war ravaged provinces and achieve economic growth in the country", he said.

The JCM stressed the importance of finding home grown solutions to face the challenges of the global economic down turn.

Sri Lanka has been maintaining healthy diplomatic and bilateral relations with Japan over the years. Japan is a major development partner of Sri Lanka since independence. The Sri Jayawardenepura and Peradeniya Hospitals, the Rupavahini Corporation, the Kelani Bridge and Museum in Sigiriya are Japanese funded projects which have cemented the ties between the countries. Minister of Public Administration and Home Affairs and Deputy Minister of Finance and Planning, Dr. Sarath Amunugama said reforming the BOI and other bureaucratic set ups is vital to achieve a higher growth rate. "The integration of the Northern and the Eastern regions with the rest of the country will help accelerate the development process. There are good opportunities for investment and business development in these two provinces", he said. - LF