Central Bank Governor unperturbed amid threat of GSP+ loss

[TamilNet, Thursday, 15 July 2010, 00:24 GMT]
Sri Lanka's Central Bank Governor Ajith Nivard Cabraal said that Sri Lanka will march ahead towards prosperity with or without the much hyped Generalized System of Preferences (GSP +) concession. Cabraal was quoted in the state owned Dinamina Sinhala daily as saying, “for 30 years, Sri Lanka was plagued by a war, today this is over, and in the years to come we will see economic and general development in the country.”

A determined Cabraal noting that certain sectors are pressuring Sri Lanka over the GSP concession, added, “Sri Lanka would enjoy development both economically and infrastructure wise with or without the GSP plus concession, and thus the country did not have to fear any large scare economic catastrophes due to the suspension.”

Cabraal noted that Sri Lanka is now seeing fresh investments in the country from highly placed foreign investors over the past months since the conclusion of the presidential and parliamentary elections, and thus good times are ahead for the country despite certain setbacks such as the GSP plus withdrawal or the recently appointed controversial United Nation panel.

“Foreign investors have confidence with the Sri Lankan government, and are investing in Sri Lanka,” Cabraal said.

Cabraal also discounted rumours that Sri Lanka was going to lose investment opportunities and other long term benefits due to the suspension of the GSP concession.

Meanwhile, the British clothing retailer, NEXT, said early this month that the company is stopping sourcing garments from Sri Lanka because of the uncertainty of the continuance of the GSP+ duty concession from the European Union. NEXT has moved production to Bangladesh, an industry source told local media.

Further, exports to the EU fell 13% in the first quarter of 2010, a decline the Sri Lankan garment industry attributes to falling demand due to the economic conditions there. Garments are Sri Lanka’s largest foreign exchange earner.


Chronology:

 

Latest 15 Reports
11.07.20 03:40   Photo
CBK, Kadirgamar condemned at Navaali genocidal massacre remembrance event
10.07.20 00:05   Photo
SL Police harasses Shivajilingam at 25th Remembrance of Navaali massacre in Jaffna
09.07.20 09:33  
SL Navy brutally assaults Tamil fishers in Mullaith-theevu
08.07.20 16:33   Photo
Sinhala colonists encroach into Kangku-veali, Mean-kamam reservoirs in Trincomalee
07.07.20 19:36   Photo
Colombo schemes to expand ilmenite scooping into North from Pulmoaddai in East
06.07.20 19:06  
Colombo transfers Tamil Political Prisoners to notorious Anuradhapura prison
05.07.20 23:06   Photo
University students, Shivajilingam brave SL harassment to commemorate fallen Black Tigers
04.07.20 22:28   Photo
Monk commanding Sinhala-Buddhicisation of North-East threatens Tamil villagers in Batticaloa
03.07.20 19:28   Photo
After Naavat-kuzhi, Colombo targets Poonakari for Sinhala colonisation across Jaffna lagoon
02.07.20 22:26  
Colombo imposes restrictions on Tamil valour related symbolism in schools of North
01.07.20 13:22  
New secret unit among four SL military and police squads competing to arrest Tamil youth in North
30.06.20 22:10  
Tamils blocked from accessing properties near SL Navy training base in Champoor, Trincomalee
29.06.20 23:29   Photo
Moragoda advising Gotabaya prompts Sinhala parties to scrap Provincial Councils
28.06.20 22:06  
India privileging BRIC/RIC over Quad ‘discordant’, says former US top diplomat
27.06.20 22:11  
Indo-Pacific expert wants US to seek opportunities in ‘Sri Lanka’
 
Find this article at:
http://www.tamilnet.com/art.html?catid=13&artid=32212