Accelerated development initiatives to spur growth

By Sanjeevi Jayasuriya

Two thousand and thirteen promises a bright outlook with accelerated development initiatives to support 6-7 percent economic growth. The business community is optimistic of better performance this year having strategic plans to drive growth capitalising on the conducive environment prevailing at present. Sunday Observer Business interviewed a cross-section of the business community to find out their expectations for the year ahead.

Managing Director, Master Divers Ariyaseela Wickramanayake

Sri Lanka has surpassed the $ 10 b export mark and this achievement augurs well for the country's forward march. However, we are spending unnecessarily on certain commodities using our hard earned foreign exchange.

This must be avoided for the country to benefit from the contribution made by exporters as we could save foreign exchange which could be used to develop local industries.

It is time to seriously embark on 'buy Sri Lankan and be Sri Lankan' to promote production within the country. We need to take a cue from Japan, India and Singapore where economic integration for greater synergies are in place. The development of the country should take a holistic approach with the inclusion of all nine provinces.

Chairman, Kingdom of Raigam, Dr. Ravi Liyanage:

We need to develop more industries that retain foreign exchange. The pay back period of most of the local, import-substitution industries are lengthy and they need to be given assistance for technology infusion.

Raigam will embark on a new journey with its latest product Deweni Batha and we have set an example of retaining foreign exchange by promoting locally-produced food.

The practical aspects of an entrepreneur is important. We will continue the trend of introducing products to meet the local demand and expected to be rewarded and gain recognition as in the case of the export community. There must needs to be a reward scheme for local industrialists who help retain foreign exchange and this will be a motivation for newcomers.

Chairman, Laugfs Group of Companies, W.K.H. Wegapitiya:

The new year will be a promising one as the economic outlook remains positive. The planned economic development in the

range of 6-7 percent provides impetus for growth and sustainability where the business community could benefit.

The target of a $ 4,000 per capita income will lead to improved lifestyles and living standards with changing consumption patterns. As the country is entering a new era, we also have entered the leisure sector which is expected to drive economic growth. Sri Lanka has become a 'happening' place and we plan to harness the possibilities as we see a promising and positive future.

Chairman, Softlogic Group, Ashok Pathirage:

We expect a positive economic outlook where the country is in a position to attract sufficient FDIs to continue its development drive. The major infrastructure projects including the upgrading of the road network will support seamless connectivity fuelling economic development. We also expect the interest rates to come down and stabilise together with a stable exchange rate for the greater benefit of the economy.

In view of the above comments, all indicators show that local industries should be improved coupled with other growth factors to ensure a sustainable growth momentum.

The country is heading for the next stage of growth, where doubling economic activities are necessary to consolidate development initiatives. 2013, will enable the country to go further in the growth trajectory.

Sri Lanka estimates to have a Balance of Payment surplus of $ 100 m. A GDP growth of 6.5 percent was recorded in 2012. The medium term macro economic framework will need to be carefully fashioned while providing for the acceleration of economic activity towards the expected outcome.