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A new Business Council will be empowered to take necessary steps to make Sri Lanka as the strategically placed "Cyber Island" of the Indian Subcontinent as a part of the government's new vision and to further accelerate private sector led economic development in the country, government sources said. According to official sources the Government hopes to raise the growth rate to 8 per cent and the per capita income level to 2500 U.S. dollars and establish Sri Lanka as the leading emerging market in South Asia. The Government also intends to contain annual inflation to around 3 per cent and also significantly reduce unemployment by the year 2005. The high powered business council will be established under the Ministry of Finance and Planning with representation from the private sector. The council's primary objective would be to foster consultation and consensus between the public and private sectors on trade, investment and other policy issues affecting the private sector and to ensure important decisions are carried out expeditiously. Action will be taken to increase investments in quality infrastructure facilities in power, ports, roads, water supply and large-scale infrastructure projects to stimulate the construction industry and provides more jobs to Sri Lankan youth. The Government also plans to attract new investments in information technology and training for youth to develop skills to meet the emerging global needs in information technology.
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