RemittancesGateway.org

Sri Lanka can achieve its development goals with the right use of its facilities and labour existing in the country, Treasury Secretary Dr. P. B. Jayasundara said.

Sri Lankans will have to work harder for several years for rapid economic development and the public and private sector should be ready for the upcoming challenges.

The focus should be on developing comparative advantages which exist in the country to reduce import costs and develop export revenues.

The livelihood of the Sri Lankans would also then be developed automatically with growing incomes.

The country should focus on further developing the foreign employment sector as it is the highest contributor to the national economy, and has a further potential to expand.

Sri Lanka has a potential to earn more than US$ 10 billion from foreign employment,

Foreign employment can help boost Sri Lanka’s national economy to grow if facilitated through right methods, bringing in foreign exchange, said Dr Jayasundara at the induction of the 20th president of thevInstitute of Chartered Accountants of Sri Lanka (ICASL).

The country currently earns over US$ 3.5 billion of foreign exchange, and the employees in the Middle East are the highest contributors.

Sri Lanka should look into professionals to earn more foreign exchange so that it can earn a higher amount from a lower number of Lankan expatriates.

The country has a good knowledge base, he said. The base is high in standard compared to the other developing countries in the region.

Sri Lanka’s business profile should be changed and methodized in to a more equalized and active system, he added.

This will also reduce issues arising from cheap labour, while entrepreneurs are forced to pay a fair salaries to employ professional labour, Dr. Jayasundara said.