Business
5.5% growth rate for 2021 is not an ambition, it’s an achievable goal: Cabraal
by Sanath Nanayakkare
Growth rebounded to 1.5% in 3Q reflecting great recovery of the economy after the economic contraction in 1Q and 2Q of this year signaling a near normalcy, therefore, the predicted robust turnaround of 5.5% growth for next year is not an ambition, it is an achievable goal, State Minister of Money and Capital Market and State Enterprise Reforms said on Wednesday.
“We are quite optimistic about the 4Q recovery consolidating upward growth next year”, he said.
The state minister made these comment while speaking at the 4th Annual Asia Securities Sri Lanka Investment Conference held on a virtual format.
“Throughout the third quarter in 2020, the country experienced the normalisation of business activities and return to new normalcy in the day-to-day life of the people. In fact, Sri Lanka has found the right balance between controlling the spread of the virus, protecting the health of the people and reactivating the economy. The trick here is to adopt health and safety protocols and mechanisms ensuring minimum risks to health and creating maximum favourable space for accelerated economic activity:, he said.
“By and large, the recovery and growth drivers are structurally similar to playing test match cricket. This is why the government sticks to policies that create a firm set of macro conditions in terms of interest rates, exchange rate and enabling investment opportunities. All these need to be monitored like instrumentation and controls on a dashboard of a vehicle. If one turns askew, others might too. So, they have to be carefully monitored constantly. When all these macro conditions are in place, we should be able to persuade and attract foreign investments to the country. If that happens 5.5% growth won’t be an ambition, it will be an achievable goal for 2021.”, minister Cabraal said.
The Business World International Conference and Awards Ceremony organised by Business World International Organisation INC-USA, the event which is recognized as one of the most prestigious Business Award Festivals in the Asia Pacific Region, was held at the Mount Lavinia Hotel, Colombo with the participation of several business personalities and celebrities of Sri Lanka. The Joint Chief Guests were Dr. Purna Bahadur Nepali (Ambassador of Nepal to Sri Lanka) and Prof. Dr. Dietmar Doering (Founder / Chairman – AGSEP Research and Advisory Board Member of Business World International Organization – USA). Guests of Honour were Tham Whye Long (First Secretary/Head of Chancery – High Commission of Malaysia in Sri Lanka), Prof. Dr. Rohan De Silva (President – Sri Lanka Chamber of Small and Medium Industries), (Retd) Major General R. A. J. N. Ranasingha (RSP USP NDC MSC – Sri Lanka Army), Dr. Rohan Pallewatta (Excutive Chairman of the Start-Up High Tech Company – Lanka Harness, a BOI approved company operating in the Free Trade Zone at Biyagama in Sri Lanka), Dr. Kishu Gomes (Chairman – Exterminators PLC, Group Managing Director / CEO – Dreamron Group of Companies & Advisory Committee Member – Sri Lanka Tourism), Dian Gomes (Nonorary Consul of Georgia in Sri Lanka, Chairman – Colombo School of Business Management & Independent Non-Executive Director – Nestle Lanka Ltd).
Special Guests were Rt. Rev. Bishop Prof. Dr. Nissanka Weerappulige (Advisory Board Member of Business World International Organization – USA), Prof. Dr. Dame Anoma Weeraratne Wijenayake (Advisory Board Member of Business World International Organization – USA), Gerd Heinzerling (Advisory Board Member of Business World International Organization – USA), Priyantha Padmasiri (President – Sri Lanka Canada Business Council), M. H. K. M. Hameez (Vice President – Sri Lanka Canada Business Council & Immediate Past President – Sri Lanka Malaysia Business Council). The invitees were graciously welcomed by Dr. Anthony Dexter Fernando (Chairman – Business World International Organisation USA – International Chapter), Dr. Tharindu Wijenayake (Deputy Chairman – Business World International Organisation USA – International Chapter) and Dr. Emerita Wijenayake (Project Chairperson & Director – Business World International Organisation USA – International Chapter).
Sampath Bank recently formalised a strategic partnership with the Chamber of Young Lankan Entrepreneurs (COYLE) by signing a Memorandum of Understanding (MOU) at its Head Office. This partnership highlights Sampath Bank’s ongoing commitment to promoting innovation, driving business growth, and empowering Sri Lanka’s entrepreneurial ecosystem.
Through this collaboration, Sampath Bank will serve as the official banking partner for the COYLE Awards and the Young Lankan Program, two flagship initiatives that recognise business excellence and nurture emerging leaders. Supporting these initiatives allows the Bank to create a strong pipeline for SME engagement, provide access to tailored financial solutions, and build meaningful relationships with the country’s leading entrepreneurs.
ANC, a leading Lankan higher education provider, partnered with Northwood University to host the 2025 NUCARS simulation in Sri Lanka for the first time. Held from April 7–11, the event brought together students from the U.S., Europe, and Sri Lanka for an immersive, hands-on learning experience in automotive retail strategy. Twenty-two ANC students participated, showcasing their ability to compete globally. Celebrating its 28th anniversary, NUCARS emphasized teamwork, cross-cultural collaboration, and real-world business decision-making—highlighting ANC’s commitment to delivering globally recognized education and empowering students with essential skills for the international marketplace, said a release.
Pakistan will not travel to India for 2025 Women’s ODI World Cup
Gunmen shoot 12 dead at Ecuador cockfight
Thousands join anti-Trump protests across US
-
Business2 days agoDIMO pioneers major fleet expansion with Tata SIGNA Prime Movers for ILM
-
Business7 days agoIMF staff team concludes visit to Sri Lanka
-
Features4 days agoNipping the two leaves and the bud
-
Features4 days agoAvurudu celebrations … galore
-
Features3 days agoProf. Lal Tennekoon: An illustrious but utterly unpretentious and much -loved academic
-
Latest News7 days agoSun directly overhead Delft, Pooneryn, Elephant pass and Chundikulam at about 12:10 noon today (14th)
-
Latest News6 days agoLet us collectively support the government’s vision for economic, social, and political transformations – President
-
Foreign News1 day agoChina races robots against humans in Beijing half marathon