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Plans to increase exports to US$ 3 Bn by 2032

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Learning lessons from the economic crisis and identifying the main causes that created it, the government has formualated new policies ensuring that no economic crisis would be repeated again, said Senior Economic Advisor to the President, Dr. R.H.S. Samaratunga (Pictured) at a special media event in Colombo yesterday.

He said that the current policies that are implemented have resurrected the economy from a minus 7% growth rate in less than two years and all must ensure that this path should be continued. While following guidelines from the IMF reform agenda the country is now moving towards an export oriented competitive social market economy addressing environmental concerns. “We hope to increase exports to around US$ 3 billion by 2032.”

“We have also identified tourism, agriculture and several other sectors to play a crucial role in the future along with Education, Health Services, Public Services, International Relations and also Defence.

The government in the future will be identifying unused/underused lands and putting them for more productive usage. Samaratunga the former secretary of the Treasury said that the government aims to convert Sri Lanka into a high income country by 2048. The other targets that are included are to maintain a higher rate of 7 to 8% of annual economic growth and maintain a trade to GDP of above 100%. Samaratunga also said that attracting FDI too is a priority and while reducing red tape they hope to draw around US $ 3 billion annually from 2032.

Asked by Daily News Business if the SOE delisting program has stopped because of the proposed Presidential elections he answered in the negative. “The programs are on track and the ongoing processes have not stopped as SOE reforms and delisting them is a key priority that will stop the government pumping money to non profitable ventures.”

“The government will also be establishing a Holding Company and bring new laws for SOEs restructuring programs. New laws too would be introduced to simplify new Private Public partnerships.”

The former secretary said that Sri Lanka should move with times and for this greater focus would be on development of digital transformation especially in the public sector who in the future would all be embracing it. New electronic laws and programs too would be introduced.Looking back to the recent path he said that due to the implementation of productive economic reforms Inflation came down to around 4% from a record 69.9% in 2022 while the interest rates came down and is expected to dip further.

Forex reserves from around USD 10 million has now climbed up to around USD 5 billion and due to tax reforms Government revenue too is rising while the budget deficit is narrowing.

The post Plans to increase exports to US$ 3 Bn by 2032 appeared first on DailyNews.

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