Main challenge for SOEs is economic growth and profit generation: President

President Gotabaya Rajapaksa with the Secretary Dr. P.B. Jayasundara

President Gotabaya Rajapaksa last week said that rapid economic growth is the prime responsibility of all State enterprises, and not-for-profit State institutions should provide an efficient service to the people.

He pointed out that it is the responsibility of the heads of State institutions to eliminate inefficiency and increase efficiency, earning profits, and not to be a burden to the Government.

The President made these remarks when he met the new heads of State corporations and statutory institutions, which directly contribute to the national economy and the provision of public services, at the Presidential Secretariat on Friday (24 January). Secretary to the President Dr. PB Jayasundara and Presidential Advisor Lalith Weeratunga were also present at the meeting.

“Our country was in the forefront of Asia in terms of economic growth from 2005-2014. Economic growth has slowed down in the last few years. One of the biggest challenges we face today is the revival of the economy,” President Rajapaksa said.

“New technology must be used to rebuild the economy. Skilled labour is another important factor. The education system, too, needs to be transformed to create a strong economy. It is a top priority to get more youth into tertiary education,” the President also said.

“We need to identify areas where we can serve the people and contribute more to economic growth. Institutions such as the Tourist Board and the Board of Investment have a major responsibility. These institutions should free themselves from the allegations levelled against them in the past and contribute to economic recovery,” said the President.

Pointing out that directing investors to the outskirts of Colombo is a solution to the urban congestion problem, President Rajapaksa said the investors should be provided with new technology and advanced infrastructure.

President Rajapaksa stressed that he was prepared to address all issues raised in this exercise, and requested the heads of institutions to assist him to fulfil the expectations of the people who placed their trust in him at the last Elections.