Spurring the development effort

There are numerous 'happening things' currently on this country's economic front which are going largely uncommented on, which we believe we are obliged to dwell on for the purpose of projecting a clear picture of the state of Sri Lanka's economy. For instance, in March next year, the EDB would be conducting an international trade exhibition in Colombo titled, 'Sri Lanka Expo 2012', which would be seeking, among other things, to expand our export base and render the local economy more vibrant.

A report in our business pages yesterday said that the event will also focus on promoting Sri Lanka as an investment and tourism destination. We are given to understand that the EDB would be playing an increasingly dynamic role in promoting Sri Lanka as a country of great economic promise.

Among the high profile visitors who are expected to participate in 'Sri Lanka Expo 2012', are World Trade Organization chief Pascal Lamy and Chief Executive Officers from the internationally famous business chains and concerns of Marks and Spencer and Victoria's Secret. This is, among other things, a pointer to the increasing interest Sri Lanka is generating internationally as a prime business destination. Now that the vexed problem of terror is behind this country, to many, Sri Lanka is a country which is brimming with immense business promise. This is the message current developments on the economic front convey.

It is also of interest that the local packaging industry would be conducting a business forum in May 2012 with also the intention of conveying the quickening prospects of this country as a business destination. Titled 'Lankapack 2012', the event aims at bringing together those engaged in the packaging business, whose fortunes are closely bound with the productive process in this country. This forum too would draw international participation and attention and showcase this country as a business destination of immense potential. The Central Bank of Sri Lanka summed-up these and more promising local economic trends by stating that 'foreign investors have expressed continuous interest in investing in the Government Securities market, as a result of growing uncertainties in advanced economies and greater prospects in emerging economies.'

In fact, we need to see more than a 'window of opportunity' in the current economic downturn of the West. It is to the more economically productive East that the world is looking for safer investment zones, now that the Eurozone crisis is dampening the prospects of world economic revival. East and South Asia are being seen as the emerging growth zones of the world and for good reason too and Sri Lanka would do very well to seize on the growth opportunities that are fast emerging.

We need to have an eye on the market opportunities that are opening-up in the West and in other parts of the world where productive sectors are slowing down. Every effort needs to be made to cash in on the consumer goods markets in these economically depressed regions, while linking closely with the more dynamic economies of India and China, for instance.

There are economic complementarities in the latter economic giants which must be exploited by us in dynamic fashion. There is, for instance, a bourgeoning middle class market in these countries whose consumer needs could be met to a degree by us. Besides, rather than export our commodities in bulk we need to look closely at adding value to our exports. It should be borne in mind that these consumers are of sophisticated tastes and sensibilities.

There are numerous other growth strategies that need to be closely looked at. The onus is on the state and the entrepreneurial sectors of this country to examine these options in a studied fashion. What is amply evident is that the citizenry and the business sectors of the West are thinking in ways about Sri Lanka which are at variance with the prejudices of some Western governments. If more and more tourists and businessmen are keen on visiting Sri Lanka, this is a sure indication that they see Sri Lanka as a land of immense promise. We need to make good use of these opportunities to write our name in gold as an up and coming country of South Asia.