Economy

The economic targets the Sri Lanka has set for itself are impressive. The major objectives are:

• Achieving a strong middle income economy by 2016.
• Empowerment of people in every village with access to electricity, a road network, drinking water, telecommunication facilities, marketplaces and townships.
• Food and energy security, a green environment, and the reduction of poverty below 5 percent within the next five years.

The basic quantitative targets for the economy consistent with this vision have also been clearly indicated. The overall growth rate is about 8% in the medium term and is expected to increase to about 10% progressively. In the period 2010 to 2016, private investment is expected to reach more than 26% of the Gross domestic product while public investment will reach 7 % of GDP. Thus, the total investment target will be an impressive 35% of GDP in 2016. The primary focus is on doubling the per capita income in the next six years. Sri Lanka hopes to ensure growth in all sectors of the economy at a consistent pace, to achieve a balanced and sustainable growth in both agriculture and industry and services. The ambitious strategy envisages making Sri Lanka a hub for aviation, maritime, energy, knowledge and commerce.The hospitality and leisure industry of Sri Lanka which has embarked on an ambitious upgrading of its infrastructure is pivotal to the concepts of aviation and maritime hubs. Already key global players in the hospitality industry have made a substantial impact on foreign direct investments spurred by the improved investment climate in post conflict Sri Lanka.