SL eyes to become US $ 150bn economy with investment-driven growth
The government is building the necessary soft and hard infrastructure for the country to become a US $ 150 billion economy, with a per capita income of US $ 7000, by attracting investments, Money, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal said yesterday.
He made these remarks at the inauguration of the 41st National Conference of Chartered Accountants in Colombo, yesterday evening.
The size of Sri Lanka’s economy is currently estimated at US $ 84 billion, with a per capita income of over US $ 3,800.
In particular, Cabraal highlighted that a series of soft infrastructure, including the legal framework of Colombo Port City, would soon come into force, targeting foreign investments.
He emphasised the country’s next stage of development would be driven by investments, lifting many out of the poverty and ensuring a decent living standard.
Speaking on the role of the country’s capital market in the economic development, he said capital market should focus more on supporting businesses to raise funds to finance their expansions and growth plans in the next growth phase.
With recent record-setting performances of the Colombo Stock Exchange (CSE), where it became the best-performing exchange in the world, he noted that the country’s capital market has entered its next phase of growth.
In particular, he emphasised that the recent achievements of the CSE have proven that the county’s capital market has depth while assuring that foreign investors would join the bandwagon shortly.
Speaking on the macroeconomic environment, he noted that the government has been able to keep key macroeconomic indicators intact while maintaining its progrowth approach.