By Mario Andree
Ceylon FT: While foreign investments are limited and competition is high, Sri Lanka should focus on attracting the Diaspora into investing in the country to improve foreign direct investments according to an investment adviser, who pointed out that there were more than three million Sri Lankans living abroad whose earnings amounted to half the country's GDP.
York Street Partners Director Hiran Embuldeniya told the 15th Sri Lanka Economic Summit organized by the Ceylon Chamber of Commerce that the country was not focusing on the Diaspora for economic growth.
According to him there was much potential to develop the economy by attracting the Diaspora to engage in development activities.
He said that the earnings of the three million or so Sri Lankans living abroad amounted to over than US$ 35 billion, which was more than half the Sri Lankan GDP, could be attracted to the country.
According to Embuldeniya the country needed to focus more on promoting Diaspora investments to Sri Lanka in order to improve investments in the country."Sri Lanka should focus on increasing foreign direct investment through the Diaspora," he said.
Highlighting achievements by neighbouring India in increasing investments by Diaspora, he said Reliance Industries of Mukesh Ambani was a good example of a Diaspora investment which reached greater heights.
Further he said, the country was not appreciating and recognizing the achievements by Sri Lankans living abroad, which could create a poor image for the country.
Sri Lanka has been engaged in several promotional campaigns which were synchronized into one this year after the cabinet approved the mega scale destination promotion campaign.
However, according to Embuldeniya, appreciating and recognizing the activities of Sri Lankans living abroad could yield better results for the country.
The country is struggling to attract the required foreign direct investments needed to establish sustainable economic growth over the long term, and the government has noted that such investments would have to reach US$ 5 billion by 2016, after touching just US$ 913 million last year.
Sovereign credit agencies Fitch, Moody's and Standard and Poor's have all noted in recent credit reviews that governance and institutional integrity issues were holding them back from giving Sri Lanka better credit ratings. They also noted that the level of public debt and interest payments were among the highest in the world. The Sri Lanka Economic Association has for years being advocating the need to lay the groundwork to attract more FDI and boost exports in order to free the country from a vicious cycle of rising debt.
www.ceylontoday.lk
Ceylon FT: While foreign investments are limited and competition is high, Sri Lanka should focus on attracting the Diaspora into investing in the country to improve foreign direct investments according to an investment adviser, who pointed out that there were more than three million Sri Lankans living abroad whose earnings amounted to half the country's GDP.
York Street Partners Director Hiran Embuldeniya told the 15th Sri Lanka Economic Summit organized by the Ceylon Chamber of Commerce that the country was not focusing on the Diaspora for economic growth.
According to him there was much potential to develop the economy by attracting the Diaspora to engage in development activities.
He said that the earnings of the three million or so Sri Lankans living abroad amounted to over than US$ 35 billion, which was more than half the Sri Lankan GDP, could be attracted to the country.
According to Embuldeniya the country needed to focus more on promoting Diaspora investments to Sri Lanka in order to improve investments in the country."Sri Lanka should focus on increasing foreign direct investment through the Diaspora," he said.
Highlighting achievements by neighbouring India in increasing investments by Diaspora, he said Reliance Industries of Mukesh Ambani was a good example of a Diaspora investment which reached greater heights.
Further he said, the country was not appreciating and recognizing the achievements by Sri Lankans living abroad, which could create a poor image for the country.
Sri Lanka has been engaged in several promotional campaigns which were synchronized into one this year after the cabinet approved the mega scale destination promotion campaign.
However, according to Embuldeniya, appreciating and recognizing the activities of Sri Lankans living abroad could yield better results for the country.
The country is struggling to attract the required foreign direct investments needed to establish sustainable economic growth over the long term, and the government has noted that such investments would have to reach US$ 5 billion by 2016, after touching just US$ 913 million last year.
Sovereign credit agencies Fitch, Moody's and Standard and Poor's have all noted in recent credit reviews that governance and institutional integrity issues were holding them back from giving Sri Lanka better credit ratings. They also noted that the level of public debt and interest payments were among the highest in the world. The Sri Lanka Economic Association has for years being advocating the need to lay the groundwork to attract more FDI and boost exports in order to free the country from a vicious cycle of rising debt.
www.ceylontoday.lk
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