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Friday, March 11, 2011 - 05.48 GMT |
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Cabraal calls for more Gulf investments |
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Governor of the Central Bank, Ajith Nivard Cabraal has called for an increase in investments from the Gulf countries in various developments sectors of the country.
The Governor, who is currently visiting the Belgian capital, told the Kuwait news agency, KUNA, that many companies from the Gulf are making use of investment opportunities in Sri Lanka particularly in the building and construction activities, banking and tourism.
"New areas for investment will be coal power plants, wind mill power. We would like to see tourism a key factor in development activities and investments and also insurance sectors and banking. These are big opportunities for the Gulf players," he said.
Sri Lanka is investing heavily in infrastructure projects such as roads, railways, ports and electricity, as well as stimulating growth in disadvantaged areas in order to reduce poverty, he said.
Cabraal noted that Sri Lankan expatriates send about USD 4 billion every year to their homeland from all around the world adding that "we are seeing a significant increase in remittances from the Gulf region and beyond."
Meanwhile, speaking at an event organised by a Brussels-based think tank 'European Institute for Asian Studies' Tuesday night, the Governor said the economy of the country saw a considerable resurgence during 2010 with economic growth estimated to be around 8 percent.
In 2009, the EU accounted for one-quarter of Sri Lanka's trade, followed by India (12 percent), the United States and China (each 10 percent) and Iran and Singapore (each 5 percent).
He said that external trade had recovered strongly pointing that Sri Lankan exports in 2010 increased by 17.3 percent.
He noted that although Sri Lanka was the third largest tea exporter in terms of quantity (with 314 million kg) it recorded the highest earning of USD 1.37 billion due to premium quality.
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