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News  


 

To achieve 8.5 per cent GDP growth

Share increase of 26% expected from private sector:
Shippers’ chief

By Roy Silva

The Central Bank and the Ministry of Finance has set a target of 8.3 – 8.5 per cent GDP growth in the fiscal year for 2011 and this is expected with a share increase to 26 per cent of GDP from the private sector, says Gehan Kuruppu, Chairman of the Sri Lanka Shippers’ Council (SLSC)..
“It’s a challenging task,” said Gehan addressing the Council’s 41st annual general meeting on Saturday in Colombo.
He said the vision and ambition of the government was set out with an expected growth in the export value added sector with:
Tea from US$ 1.3 to US$ 2.5 billion;
Rubber, cinnamon, spices from US$ 600 million to US$ 1 billion;
Apparels and Allied Industry from US$ 3.5 billion to 5 billion;
IT/BPO from US$ 500 million to US$ 1 billion; and
Tourism from US$ 600 million to US$ 2 billion.
The Shippers’ chief observed that the objectives were possible with the private sector and public sector partnership and a convergence of all academia to bring about meaningful discussions to resolve matters of utmost importance to the development of the economy.
“In other words, it’s installing a participatory development process,” he said.
He however, emphasized on a few key words that the Shippers’ Council had been lobbying for driving growth through, such as Ease of Doing Business; fast tracking the speed of implementation; and fair and reasonable shipping costs.
“These are some of the areas that need government intervention and control or supervision,” said Gehan.
To be globally competitive, the country had to consider many other aspects in the context of rising commodity prices, rising fuel, energy and bunkering costs and the huge losses that arise from natural and climatic disasters, observed the Shippers’ chief.