Sri Lanka has big potential to be a viable regional hub – ADB VP

Asian Development Bank (ADB) Vice President Xiaoyu Zhao has declared that Sri Lanka has big potential than any other country in Asia to become the most viable and attractive regional economic hub.

“Strategic location, post conflict infrastructure development initiatives, peace and stability, high economic growth and able leadership are the main factors behind these potential,” he has said during a meeting with Economic Development Minister Basil Rajapaksa along with ADB’s Country Director in Sri Lanka Rita O’Sullivan yesterday.

Sri Lanka has performed well in its economic development drive after the end of conflict and has achieved highest economic growth continuously during the last three years; Zhao was quoted as saying by the Ministry in a statement.

ADB VP is currently on an official visit to Sri Lanka in order to review the progress of the ongoing ADB

funded projects and negotiate on future programs.

Minister Rajapaksa had said Sri Lanka is carrying out a balanced growth approach giving priority to the Human resources development as well as to the physical resources development. As indicated in the Mahinda Chinthana Vision government does not intend to follow a development

strategy isolated from the people.



Therefore government has initiated numerous development programs directly aimed at people’s wellbeing while implementing massive infrastructure development programs and large scale development projects related to production and service

sectors.

He further said Divi Naguma – backyard economy development program, Gama naguma – village reawakening program, Pura Naguma – small township development program and regional development programs are initiated in order to bring the economic benefits directly to the ordinary people. At the same time government initiated tourism development program, Direct Foreign Investment incentive program etc as a part of overall economic growth strategy explained the Minister.

He said under the ADB assistance three main projects, conflict affected regional emergency project, Post conflict emergency for livelihood restoration of resettled internally displaced people (IDP)

in the North project and North East community restoration and development project two were implemented very successfully. Some of these projects are near completion and other projects are progressing well. He thanked the ADB for the assistance given to bring normally to the country at the end of the conflict.

It was decided to initiate a joint investment promotion program by the Ministry of Economic Development and the ADB. The program will be coordinated by the ADB and it will use its good offices to make aware the international investor community on opportunities available in Sri Lanka for investment, new economic trends in the country and peace and political stability in the country.

Zhao said Sri Lanka is providing golden opportunities for the investors.

Well educated people, modern and sophisticated banking sector and newly develop harbours, airports, roads are providing a very conducive environment for the investment he said. He said further relaxing of the aviation industry and strengthening the open air policy will bring further impetus to the investors and tourism.

Rajapaksa said the government will formulate a master plan to coordinate different economic sectors and to identify and set the overall targets for these sectors. Zhaoe said the ADB will extend its fullest cooperation for that endeavour and provide necessary assistance as required by Sri Lanka.

O’Sullivan, Director General of the Ministry of Economic Development Prof. Sunanda Madduma Bandara, Secretary, Presidential Task Force S.B. Divarathna and Director General Saroja Sirisena also participated at the discussion.