Minister tells private sector to ‘get real’
It should be examined why Sri Lanka’s private sector is not growing fast enough and the policy inefficiencies and impediments that are preventing them from such growth, a Senior Minister told a forum yesterday. “Although we have seen some trends of growth particularly during this year and plans for the next as well, we need to exam
ine why this growth can’t be fast tracked,” Sri Lanka’s Deputy Minister of Finance and Planning, Sarath Amunugama said, adding that the total growth effort of Sri Lanka depends on private sector’s growth.
He stressed that the growth the government envisages will not take place unless the private sector plays its due role.
“In our economy, we have the state and the private sector working together. There is a lot of space for the private sector in the Sri Lankan economy. In fact private sector is the driving force of future growth,” Minister Amunugama noted.
The Minister went on to state that economic growth in Sri Lanka would be a joint enterprise. “The state will be there to do the facilitation, but we want the private sector to be the engine of growth,” Minister Amunugama said.
He stressed that the private sector needs to ‘get real’ and ensure that every possible advancement is made and realized in each of their sectors.
“In the present global scenario where there is acute competition, all enterprises today need a very hard, serious and critical analysis of their performances,” the Minister noted.
The government expects the economy to grow 7.5 percent in 2013 despite the growth target set for 2012 falling short. The Central Bank is currently attempting to create a low interest regime by cutting policy rates to spur economic activity.
Minister Amunugama made these observations at the start of a two-day seminar on Risk Based Capital (RBC) in the Insurance sector where he delivered the key note.
Organized by Asia Insurance Review, endorsed by the Insurance Board of Sri Lanka (IBSL), and a brainchild of IBSL Chairperson, Indrani Sugatadasa, this seminar is backed by Insurance Association of Sri Lanka, International Association of Insurance Supervisors and International Insurance Society.
This two-day seminar aimed at CEOs, CFOS and CROs of insurance companies and regulatory bodies will look at what drives and lures the risk-based capital regime and how to get started immediately to be prepared to embrace RBC painlessly, efficiently and effectively.