Annual Report 2010 - Ministry of Finance and Planning

Ministry of Finance and Planning Sri Lanka > Annual Report 2010“Sri Lanka stands out as one of the oldest democracies andculturally diverse nations in the region…The war is a thing in the past, and Sri Lanka now ranks as one of the most stable and safest places to do business.”HON. Sarath Amunugama, Senior Minister of International Monetary Cooperation, April 2011“Sri Lanka’s trade policy continues to be aimed at achievinggreater integration into the world economy. In particular,Sri Lanka is seeking to attract foreign direct investmentinto the country to expand output and employment, and toenhance foreign market access for its products.These objectives have been pursued through multilateral, regional, and bilateral trade negotiations, throughan incentives regime geared at fostering production for export and encouraging investment, andthrough a number of development programmes to enhance productivity and improve infrastructure. SriLanka is progressing towards simplifying its business and trade regime with the objective of establishinga more business-oriented institutional framework, but some shortcomings remain.”World Trade Organization, Trade Policy Review of Sri Lanka, May 2011“We have been asking for a simplified tax system for avery long time. We should applaud the Government forrestructuring the tax system.……The Government has shown the right way by reducing taxes. In fact, we were pleasantly surprised by thewide ranging and significant reforms that have been proposed and are currently being implemented.”Susantha Ratnayake, Chairman/CEO, John Keells Holdings (JKH), April 2011“Sri Lanka’s economy will continue its post-war resurgence andis expected to grow strongly in the immediate term. AlthoughSri Lanka should maintain moderate economic growth,Sri Lanka needs to enact important policy reforms to reach itsfull economic potential.Sri Lanka has set the goal of improving its business climate, but must follow through with reforms todecrease bureaucratic red tape; increase transparency, particularly in government procurement; and increasethe predictability of government policies. Sri Lanka must also continue to improve its fiscal discipline.”US Department of State, Bureau of South and Central Asian Affairs, Background Note:Sri Lanka, 06 April 2011“Sri Lanka has emerged from a decades-long war, and isenjoying an economic revival.It is currently the second-fastest growing Asian economy after China, a fact not lost upon the IMF,which recently upgraded Sri Lanka to middle income emerging market status.”Teo Chee Hean, Deputy Prime Minister and Defence Minister of Singapore, November 201017