Sri Lanka's projects enhance investor confidence
The Government has commenced many large-scale infrastructure projects
to upgrade and rebuild the country, said Minister of Industry and
Commerce Rishad Bathiudeen to a high-powered US business delegation on
Thursday.
He said Sri Lanka has got unprecedented international investor
attention due to the vast improvement in infrastructure and the
country's resilience to global economic shocks.
Power and energy, transportation, highways, ports and airports are
some of the mega projects launched by the Government.
Bathiudeen said these projects will enhance investor confidence and
ensure Sri Lanka's competitiveness in the global arena.
Sri Lanka maintains cordial relations with the United States which is
the single largest export market for the island.
Around 22 percent of Sri Lanka's exports in 2009 were to the United
States while nearly three percent of its imports also were from the US.
"A considerable amount of investments come from the US across many
industries and services. However, there is much room for improvement on
the investment front", the Minister said.
The Minister said Sri Lanka's per capita income doubled last year to
US$ 2,300 from less than US$ 1,000 in 2005.
Sri Lanka recorded an eight percent economic growth rate last year
and it is expected to grow even faster at an estimated nine percent in
2012 to 2013.
The Government plans to double the per capita income to US$ 4,000 by
2016. Increasing the income levels of rural household remains a major
challenge to the Government.
Bathiudeen said that despite volatility in global fuel and food
prices, the domestic inflation rate remains at single digit levels.
Global fuel and food prices are speculated to rise sharply following
the crisis in the Middle East and the spate of natural calamities across
the globe.
Bathiudeen drew the attention of the delegation to the numerous
international accolades achieved by Sri Lanka such as the Wall Street
Journal accreditation on the country's turnaround.
- LF
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