Sri Lanka is aiming to be a US$100 billion economy by 2016.
Sri Lankan Central Bank Governor Nivard Cabraal has revealed that the Sri Lankan economy grew by 7.25 per cent during 2013, and has outlined five “hubs” that will help propel the country towards being a US$100 billion economy. These include reforms in the banking sector to allow foreign banks increased participation in the nation’s commercial banking sector, along with the merger of some of Sri Lanka’s larger financial institutions to create more nationally powerful banks with larger resources.
Also marked for strategic development are the aviation, shipping, IT, energy and tourism sectors. Calling these commercial areas “stars” he predicted that both government and private sector investment in these would project Sri Lanka to being a US$100 billion economy in the next three years. Sri Lanka’s current annual turnover is US$67 billion.
Along with the projected rise in growth would also come a rise in income, from a mean average of US$3,282 per annum to US$4,000 within the same period.
Chris Devonshire-Ellis of Dezan Shira & Associates comments, “I have invested in properties in Sri Lanka as I also view it as an up and coming destination. The legal system is rather arcane but not impossible to negotiate, and the general business environment is improving, as is infrastructure development. Tourism, shipping and infrastructure projects will drive the Sri Lankan economy forward and I view it as an emerging ‘Crouching Leopard’ economy of South-East Asia”.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia.
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