Sri Lanka Inc. building a new brand, CB Governor says
View(s):Sri Lanka Inc. is moving towards the next level and the next era and the private sector should put their shoulder to the wheel to direct it towards the next phase for better life for all the people, Governor of the Central Bank Ajith Nivard Cabraal said at a glittering ceremony to mark the Business Today Top 25 2012-2013 awards in Colombo on Tuesday.
He said that the country is implementing a business strategy’ of establishing maritime, aviation, commercial, knowledge and information technology—the new stars which will be the new cash cows as Sri Lanka grows into the next decade and beyond.
Sri Lanka’s debt to GDP ratio has been brought down to 78 per cent at present from 105 per cent in 2005. “The government has taken measures to establish the country brand with good exposure to showcase it to other people from other parts of the world coming to see the development and CHOGM will be a good opportunity towards this end,” he added.
Sri Lanka is building a new brand similar to efforts taken by companies to have a great brand Mr. Cabraal said.
Minister of Irrigation and Water Resource Management Nimal Siripala de Silva, chief guest at the ceremony, noted that 20 per cent of the crème of the society, the wealthiest persons, consumed Rs. 4200 billion a year and the poor people had consumed only Rs. 312 billion and there was a disparity. The private sector has a greater responsibility to ensure this gap is not widened, he said.
The government cannot depend only on 180,000 small taxpayers in the country. The tax department goes behind them and then tries to squeeze them but the big money comes from the wealthy people and the private sector, he added.
Opposition leader Ranil Wickremaisnghe stressed the need for a 10 year programme, a road map, to leap frog to the appropriate stage looking at the world market and technological changes making a higher investment in education and health.
The number one position of Business Today’s Top 25 was yet again claimed by John Keells Holdings, thus establishing its place as the leader of the corporate sector of Sri Lanka. Second and third positions in the rankings went to Commercial Bank of Ceylon and Bukit Darah, respectively.