Prime Minister launches second phase of economic plan
Ceylon Finance Today: The National Economic Development Framework of a Sustainable Era, Balagathu Sri Lankawak was launched on 5 January at the Temple Trees by Prime Minister Ranil Wickremesinghe.
This is considered the second economic plan put forward by the good governance government. The PM launched the first economic plan last year.
Speaking at the launch the Prime Minister went on record and said that this is the second phase of the economic plan of the good governance government which was established in accordance with the mandate received on 8 January and August 2015.
In keeping with their promises, the government wants to create an economy where everyone will benefit instead of just a handful. The government completed the first phase of the economic plan in 2016 envisaging this outcome.
Furthermore, Prime Minister explained that the present government had inherited a country with two major weaknesses. The first is the severe debt burden and the entire last year was spent finding solutions to this problem. The government had even approached the IMF and is confident that within the next three to four years the country's economy will be stable.
The second weakness was the shortfall in the Balance of Payments. This affected the employment generation and the income of the people. At present country cannot cover the imported goods' cost with exports as there is no balance.
To create long-term employment and improve the income the country should move towards an export economy. The Balagathu Sri Lankavak plan outlines how the government is going to achieve it.
Sri Lanka is a small island and we don't have a large market place like India or China. The plus point we have is the location of our country. Our country is situated in the middle of the Indian Ocean. At present major development that is taking place in Asia is travelling from the Pacific Ocean to the Indian Ocean and Sri Lanka is situated in the middle of the development zone. We should be thinking of development taking into consideration our location.
In the past our country's location was very important and our aim is to be a prominent country in the world once again using our strategic location and the human capital.
For this we need a large market place as our market place is limited. To strengthen our position we should sign free trade agreements. In the future we will get the benefit of GSP Plus. By signing the ETCA we will get the benefit of the Indian market. By signing the China Trade Agreement we can access the Chinese market. By signing the trade agreement with Singapore we can access that market. We are aiming to access a 4000 million market and have planned for it. Even if we access 1 per cent of it we can achieve a massive development.
Given our location we can be a financial hub. First we have to be a transport hub and to achieve this we have to develop three main ports and two airports. Our country can also be a transshipment hub, for this we need to develop the ports and airports.
It is one of our main targets to make the country a financial hub. The financial city will play a major role in that task. We have identified the sectors which we should develop. Not only the garment industry but, other industries such as goods, electronic industry, IT, tourism, agriculture and fisheries have been identified by us for development and two development zones will be established.
One is the South Western Development Zone, which already has two air ports and two ports.
There will be a huge development in Kandy. We have paid our attention to IT industries, tourism, agro technology as well as the development of Kurunegala and Wayamba associated with the Central Express Way. Tourism zones will be set up in Iranawila, Kalpitiya, Bingiriya, Kuliyapitiya, while industrial zones will be established in Divulapitiya and Mirigama.
We will not talk about the Western Province Megapolis Development Programme. The relevant ministry has prepared a separate report for that. A vast development should be brought through that. For the first time we are establishing a financial city. We are planning to build industries in a 5,000 acre land from the Kalutara- Awisswella Economic Zone. Galle area is scheduled to be developed as a tourism zone with golf courts and IT industries for low-income tourists. Our first industrial zone will be established in Weligama. In addition, the Ruhunu Economic Zone will be extended up to Monaragala. Nuwara Eliya and Badulla will be developed as sub economic zones.
We are expecting a vast development through the reforms in the tourism, agriculture and plantation sectors. We are also planning to develop tourism and agriculture in Anuradhapura. We will also develop agriculture in Batticaloa. The Ampara District will get the benefits of developing Hambantota, Mattala and Trincomalee.
The Pibidunu Polonnaruwa launched under the patronage of President Maithripala Sirisena will link the development of Trincomalee.
The districts of the North were damaged by the war. Therefore agriculture as well as tourism should be developed in the North. We have planned a special programme to develop these areas. We should develop modern agriculture as well as new financial methods.
We have made the 13-year education compulsory. It is our intention to provide a job related training after the education. Our manpower is limited and therefore we have to get the optimum use of the available man power. It is our aim to increase the per capita income to obtain the manpower. We expect to discuss with the private and the public sector to ensure a per capita income of US$ 300 per month.
In the event we don't ensure a salary of US$ 300 per month, there is a trend that our trained man power will leave for other countries. Our success is with ensuring a good environment for our people. Under our housing programme a number of houses will be given to people in the North and upcountry, while houses will also be given to shanty dwellers.
This is only the framework. Megapolis Ministry has already presented reports. We have plans for the modernization of the fisheries sector, agricultural sector, and educational reforms. This plan was presented to create awareness among the people. Many people question us as to what we have done. We are moving to the second phase. For one year we created the base of the economic plans. Finally, I request all of you to join hands to move the country forward.(RS)
- China to provide 90 water bowsers worth Rs 1b 2503
- Wag the Dog 2452
- A brief look at FARC’s origins in Colombia 2401
- ‘Panama Papers’ bags Pulitzer 2434
- SAITM will cooperate with Govt 2463
- dead man was near fashion mall 2470
- Japanese MPs back Lanka’s development 2458
- CB Bond earnings whitewashed – JVP 2451
- Talks to extend Lanka’s Continental Shelf 2459
- Ex-DIG and son re-remanded 2470
- Government can be sent home 3023
- GMOA flogging SAITM for Mahinda– Rajitha 2474
- Ranil invites Japan to invest in S. Asia 2419
- Somali Pirates’ Captives Back Home 2436
- Customs in Rs 8 M bust 2443
- May Day Rally …or the Boot ! 2372
- Auspicious Times presented to President 2321
- Johnston sacked SLFP reshuffles K’gala 3185
- Singapore in the crossfire 3226
- Park impeachment and SK foreign policy 3183
- Filipino Oconer wins overall title 2090
- Unsporty conduct by Joes 2134
- Bertie Wijesinghe, pre-Test era Sri Lankan cricketer, dies aged 96 2084
- CEAT revs up for 2017 2122
- Palace shock Arsenal 2067
- Argentina fire coach Bauza 2074
- BCCI postpones SGM to 18 April 2042
- Murray returns from injury 2057
- New mum Azarenka to return to WTA 2024
- Galle win by 188 runs 2027
- Kapugedera ton boosts Kandy 1848
- Pakistan charges Jamshed in spot-fixing case 1869
- IAAF clears seven more Russians to compete 1881
- Game evenly poised 1878
- Saumy Zainab wins Championship 1965
- Keeping Cool 2075
- Do the right thing and do it now! 2082
- Ravi Jayewardene Pious son of a political giant 2682
- Minorities’ frustration a powder keg – VIDURA 2427
- Administrative powers a must for the Plantation Tamils –Radhakrishnan 1697
- Rajapaksa sought advice from McGuinness– Indika Perera 2851
- SilkAir launches direct flights to Colombo 2161
- Rupee falls on thin volumes 2102
- SriLankan, Japan Airlines add new routes 2080
- Colombo Port box volume up 5.6-pct in Jan 2104
- Private sector to transform into main domestic growth engine 2097
- Oil eases from 5-week top, rising US production weighs 2064
- Tight fiscal and monetary policies constrain SL’s growth 2095
- Shell admits dealing with money launderer 2074
- Toshiba may sell chip business to Foxconn for $27bn 2081
- Asian shares pressured by geopolitical risks; Nikkei down 0.25% 2057
- SLIM launches Certificate in Digital Marketing 2070
- Microsoft Hosts Second ‘Device Day’ in Sri Lanka 2069
- Emirates named Best Airline in the World 2034
- Turkish Airlines and social media assist Somalia 2070
- Brain cell therapy ‘promising’ for Parkinson’s disease 2066
- Trump pushed into bombing Syria 2129
- Thailand discovers Power of Women Travellers 2110
- Economics of gambling 2048
- Trans National Aural Identity 3659
- Queen Anula The Shadow of Cleopatra 3758
- Poetry and its possibilities Part 2 3736
- The Enigma of Labyrinths 3810
- From Couture to Kutir 3728
- Hybrid Sources 5107
- With a festive bang! 1319
- Easter Fun 1317
- Arrogance and crowing is the way of the doomed 1355
- Avurudu on the streets 1370
- Tick control 1453
- Sunny Sunday on the beach 1327
- It’s time to save the world 1357
- From viewer to YouTuber! 1412
- Expert skincare and makeup 1406
- Avurudu at Induruwa 1391
- Exo 1426
- Remembering our fallen heroes 2512