Sri Lanka more resilient - Professor Rider

Professor Barry Rider
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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
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