‘Measures to drive Lanka towards US$ 150 bn economy’ | Daily News

‘Measures to drive Lanka towards US$ 150 bn economy’

CA Sri Lanka President Manil Jayesinghe presents a token of appreciation to Ajith Nivard Cabraal, State Minister of Money, Capital Markets and State Enterprise Reforms at the inauguration of the 41st National Conference of Chartered Accountants. Chairman of the National Conference Committee Tishan Subasinghe looks on

The implementation of long term island wide curfews and prolonged lockdowns due to the COVID-19 pandemic had severe negative impacts for the economy and during that period the GDP decrease by 16% Money, Capital Markets and State Enterprise Reforms State Minister Ajith Nivard Cabraal said.

He made these observations after inaugurating Sri Lanka’s biggest business summit, the 41st National Conference of Chartered Accountants organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) at the Shangri-La Hotel, Colombo. Having forced to wait for almost three hours to speak in a long- drawn event, he said that the government to minimise the economic impact and safe guard enterprises introduced several timely loan schemes, initiated several debt moratoria which helped to review the economy.

“We have not stopped at that and are introducing several long term policy initiatives to woo investors. In addition similar to the previous Rajapaksa administration era we would be investing on infrastructure development as well.

These are all aimed at taking Sri Lanka to become US$ 150 billion economy with investment-driven growth. “The government also aims to elevate the per capita income of US $ 7,000 and take Sri Lanka to the next level.”

The National Conference which was conducted via a virtual platform for the first time in its four-decade long history, received an overwhelming response from Chartered Accountants in Sri Lanka as well as overseas, with over 2000 participants. The theme of the conference was “Abnormal: Navigating Through Shattered Norms.”

Selyna Peiris, Director, Business Development, SELYN Exporters (Pvt) Ltd made the keynote speech on ‘Walk the Talk,’ encouraging the corporate world to adopt a sustainable business model which gives equal importance to people, profit, and planet.

Manil Jayesinghe, President of CA Sri Lanka said that while it is important to acknowledge the challenges following the pandemic, it is also essential to focus on the new opportunities the pandemic has created for businesses.

Jayesinghe also urged the accounting community to increasingly focus on their ethical responsibility. “Factual financial reporting and independent auditing will definitely play a key role in managing the outcomes of such a crisis,” he added.

Chairman of the National Conference Committee of CA Sri Lanka Tishan Subasinghe, said that what the world experienced during 2020 was not normal, and it may likely be a once in a lifetime experience for our generation.

“The past months have been a learning curve to us. While the virus encircled us in bleakness, the truth is, it also became the hotspot for new innovations, amid disruptions thereby creating a new paradigm shift,” he said.