ISSN: 1391 - 0531
Sunday, February 04, 2007
Vol. 41 - No 36
Financial Times  

Rohitha promises more investments

The lack of implementation has remained the main cause for a lack of development,” he said, adding that Sri Lanka realised the US $ 600 million mark for the first time in 2006, but it was not enough.

By Lakwimashi Perera

Former Minister of Enterprise Development Rohitha Bogollagama, speaking at the Annual General Meeting of the National Chamber of Commerce (NCCSL), said 2007 would be a promising year for Sri Lanka, pledging more investments than last year and hopes of lifting the country’s profile to attract more foreign direct investment.

“The lack of implementation has remained the main cause for a lack of development,” he said, adding that Sri Lanka realised the US $ 600 million mark for the first time in 2006, but it was not enough. Bogollagama said there were also discussions to set up a joint council between the British government and the Board of Investment (BOI) for investment promotion.

Speaking on the importance of developing the country’s human resources, Bogollagama said, “We do not want to be a country that only caters in terms of being a housemaid supplier,” adding that the country wants to lift its profile.The NCCSL AGM saw D. Eassuwaren taking over the reigns from Nirmali Samaratunga last month.

D. Eassuwaren, echoing the sentiments of Bogollagama said, “Foreign worker remittances were Rs.240 billion. We are sending mostly unskilled workers abroad. Nevertheless they send a huge sum,” adding that if Sri Lanka sent skilled labour the income would easily reach Rs.900 billion. Eassuwaren mentioned the need to set up institutions to train youth who qualify in their A/L’s but fail to gain entry to universities.

Samaratunga speaking at the AGM said, “The inability to achieve sustainable peace meanwhile continues to be a serious concern as peace and development should go hand in hand,” adding the importance of bringing the conflict to an end with a stable and just solution.

Using India as an example Samaratunga said, “Globalisation was identified as the key to India’s growth momentum.” She explained that in Sri Lanka globalisation poses a challenge as well as offering an opportunity, explaining, “Whilst the Indian experience provides a useful insight on this strategy, for Sri Lanka, whilst recognising the benefits of globalisation and the need to be part of this process, we must ensure that a globally integrated economy provides for a suitable structure, conducive to our country and built on the strengths of local resources and skills in a competitive environment”.

She also said the country was trying to position itself as an IT Hub, which calls for a building up of an adequate pool of skilled personnel, and developing the country’s human capital to meet specialised needs.

Samaratunga said continued priority was required to ensure the benefits of growth to reach the lowest income levels, achieving poverty reduction and bridging the widening urban rural divide. “This is vital for sustainable development,” she said.

 
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Copyright 2007 Wijeya Newspapers Ltd.Colombo. Sri Lanka.