GDP steady for three years - FM

Foreign Minister Rohitha Bogollagama said all the positive indices indicate that Sri Lanka has been able to bring about sustainable development whilst countering terrorism.

The Lankan Foreign Minister made these observations when he addressed a luncheon meeting by the Japan-Sri Lanka Business Corporation Committee in Tokyo on Friday.

"In 1977, Sri Lankan economy was converted from a closed economy to an open economy becoming the first South Asian country to do so.

This has helped propel Sri Lankan economy to gain a 7.5% growth in the GDP last year and sustain a growth rate of 6% during the past five years," he said. The Minister, who is on a four-day official visit to Japan, explained that the two FTAs signed by Sri Lanka with India and Pakistan has helped to generate a wider market of 1.4 billion people for Sri Lankan products.

During the past three years the FTA between Sri Lanka and India has generated US$2.5 billion worth of trade. The European Union has provided zero rated duty access to 7200 products. The Minister went on to say that in the Eastern Province where there has been LTTE activity has realised the largest concentration of FDI with an investment of 400 US$ coming from Mitsui Corporation, Prima and the Indian Oil Company within a 4 sq. km. area.