Private sector, FD investments vital for development: Dr. Vidanapathirana | Daily News

Private sector, FD investments vital for development: Dr. Vidanapathirana

Sri Lanka Economic Association (SLEA) President Dr. Upananda Vidanapathirana said private sector investments and foreign direct investments are essential for development.

He said the economic policies of the government should be conducive to investments.

“If we do not facilitate investors and take a long time to approve projects, they would be reluctant to come here,” he added.

Dr. Vidanapathirana was addressing the media in Colombo on Thursday.

Sri Lanka cannot achieve its economic targets without attracting private and foreign investors. The country is also unable to reach the targeted economic growth without improving competitiveness in the trade and using new technology, he said.

He added that the world is becoming more independent and competitive with rapid development in transport, telecommunication and trade. On the other hand, the globalization is unstoppable. Therefore, policymakers should pay attention to this, he said.

Dr. Vidanapathirana said liberalized economic policies have been implemented in the country since late 1977. Therefore, this is the time to make an evaluation of the policy. The SLEA realizing the importance to facilitating policymakers, economists, administrators and academics, will provide a wider forum to debate, discuss and analyze issues, challenges and future prospects of economic liberalization and globalization.

The Association is celebrating its 33th anniversary with its annual sessions to be held at the Central Bank’s Banking Studies Auditorium in Rajagiriya from January 18 to 19.

This year, the theme will be ‘Impact of Globalization on Sri Lankan Economy: Challenges and Opportunities.” President Maithripala Sirisena will be the Chief Guest while World Bank Country Director Dr. Idah Z. Pswarayi-Riddihough will deliver the keynote address. CB Governor Dr. Indrajith Coomaraswamy will be the Guest of Honour.

Five technical sessions will be held on January 19. Distinguished personalities who have contributed towards the development of the economy in various sectors will be resource persons sharing their experience and knowledge at the sessions. It is intended to provide a platform for those interested in reshaping the future economic policy of Sri Lanka to face rising global challenges effectively.

The technical sessions will be concluded by an open session introduced this year as a novel feature to provide an opportunity for young economists to present their latest research findings on the theme. The best research paper will be awarded the Prof. A. D. V. de. S. Indraratna Gold Medal.


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