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Tuesday, August 19, 2014 - 7.34 GMT
US $ 7,500 per capita income by 2020
Unregulated NGOs threat to development


Sri Lanka as a country that decisively ended terrorism and registered a 7.8 percent economic growth rate this year, which is the highest in the South Asian region, has strong prospects of reaching US$ 7,500 per capita income by 2020 while entering a transitional phase to become an advanced economy by 2035, Treasury Secretary Dr. P. B. Jayasundara said yesterday (August 18). He made these observations delivering the keynote address at the opening session of the three day Defence Seminar 2014, which is an international conference organised by the Sri Lanka Army, held for the fourth consecutive year at Hotel Galadari in Colombo.

Dr. Jayasundera said conducting such a seminar peacefully in Colombo with the participation of personnel from over 40 countries could have been far from reality and the topic ‘Sri Lanka: Challenges to a Rising Nation’ could not have been relevant prior to May 18, 2009 being the day, which ended the 30 year terrorist conflict by the tri-forces under the leadership of President Mahinda Rajapaksa and guidance of Secretary Defence Gotabhaya Rajapaksa.

Dr. Jayasundara said: “If we need to make the 2035 development goals a reality and a nation that can speak of a proud history we should try to prevent recurrences of historical mistakes and strengthen the ongoing rural centric development strategies to ensure the nation building on a solid foundation of five steady pillars namely national security, food security, energy security, environment security and macroeconomic security while also not compromising human resource development, peace and prosperity as envisaged in the Mahinda Chintana: National vision.”

The Treasury Secretary said Sri Lanka as an emerging nation need to be attentive to developments taking place around the world. G7 nations are performing below potential economic growth while newly emerged BRICS nations to have slowed down.

He added the use of trade sanctions have undermined the thrust of global trade and investment arrangements under WTO. The lead taken by the Asia Pacific Region in the global economy signals of a new economic order.

He said that the operation of NGOs in non regulated environments has become a threat to financial management, including development and law and order itself.

Dr. Jayasundara said widespread terrorism had threatened shipping, aviation and financial transactions that risk trade, tourism and investment. Computer crimes, drug trafficking and smuggling are also risks associated with the global economy.

He added that adjusting to being able to manage these risks and to de-risk economy suitably are also challenges that we need to be mindful of without being complaisant with the many good achievements made so far.

He also said that the challenges are not new and every failure in history is a lesson to learn as to why challenges should not be overlooked or mismanaged. Dr. Jayasundara added that Sri Lanka has a history, has had days of glory and national pride not second to any other country.

Dr. Jayasundera said : “Though the human tendency is to boast of such glorious days we know we had bad times and days of misery in our history too. We should be mindful of possible risks judging by historical experiences. Though history is the past, the present and future invariably become the history. He added that 2005 is now history and we are richer today than then. By 2020, 2014 would be history. Therefore, we should be determined to manage the present and future well if we need to become a nation that can speak of a proud history.”






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Last modified: August 19, 2014.

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