28 August 2009

Sri Lanka Growth Rate - An Indication of Stability

27th August 2009, www.news.lk

Within three months of ending a three decade old cruel terrorist war that increased defence expenditure many a fold annually, Sri Lanka has gained a remarkable growth rate and economic stability is endorsed by the confidence of both local and foreign investors, Financial Analysts claim.

The business sector in the country has rapidly picked up with investor confidence gathering momentum and trade chambers expressing willingness to join the nation's development efforts.

The tourism sector seems to be heading towards an unmeasurable success with many local and foreign investors ready to invest in hotel expansion projects.

These investors, tourism sources said were eager to invest in the North and East where new areas of tourist promotion have been earmarked.

Meanwhile, the Chief of the Central Bank of Sri Lanka, Ajith Nivard Cabraal this week claimed that the countrty's foreign reserves have reach higher, a view endorsed in parliament by State Finance Minister, Ranjith Siyambalapitiya.

Giving a boost to the nation's new development efforts, investment promotion visits overseas undertaken by Ministers Anura Priyadharshana Yapa and Dr.Sarath Amunugama in the recent past yeilded results with a number of foreign investors scheduled to visit Colombo for talks.

In the bid to increase foreign exchange to the country, Foreign Employment Promotion Minister, Keheliya Rambukwella has explored the possibility of obtaining a large number of overseas employment opportunities for Sri Lankans in the West Asiia and countries outside that region reaching to the West and South East Asia.

The construction industry in the country has gathered a number of local investors with more construction work now in place in the once war torn areas in the northern front.

In these development and reconstruction process, thousands of direct and indirect employment opportunities have been created to reduce the unemployment rate in the country.

In addition, several projects are undertaken by ministries that create self employment projects to increase the income of the people.

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