Sri Lanka more resilient - Professor Rider

Year 2009 will be difficult for all trading nations due to the global financial crisis but Sri Lanka will be more resilient compared to the other trading nations in the world, said Cambridge University Professor Barry Rider at the annual general meeting held in Colombo of the National Chamber of Exporters.

The country has proved by undertaking massive infrastructure projects in Colombo while facing a war against the LTTE in the North and the East.

He further said, the main reason for the financial crisis is the complete failure of risk analysis and risk management.

Export Development and International Trade Minister Professor G.L. Peiris said, there are formidable challenges facing the country and the globe but Sri Lanka can rise to the challenges as they live through resistance. He said the global recession will have two effects being overwhelmed by the problem or recognizing the situation by not being overwhelmed.

Prof. Peiris said that no country will be insulated entirely from the financial crisis but we can mitigate the adverse consequences.

For this we have to consider the strengths, which include exploiting untapped resources, attain self-sufficiency in milk, rice, and increase value addition, which helps increase employment opportunities and a better price for the products. In addition developing the backward linkages is also a must.

He said the last year growth was seven per cent and this year it will be 6.3 per cent due to the internal and external factors affecting our economy.

NCE President Rohan Fernando said that the global recession brings many opportunities and Sri Lanka has quite a few companies to increase the foreign earnings. He said that fresh water resources for Sri Lanka can be compared to oil for Arabians, as we could capitalize on the demand for food, water, health services and infrastructure projects. Most importantly it is the opportune time to think out of the box, said Fernando.

He said that adopting lean production methods, diversification, innovation and energy conservation would help us to get away from the effects of the financial crisis.

In addition it is a must to strategise national policies and we Sri Lankans should exploit every opportunity to export more.

SG