As Sri Lanka moves to a higher growth trajectory and progresses to achieve upper middle income status by 2016, it would be largely reliant on the supportive role extended by the financial sector in mobilizing and channelling resources into diverse sectors of the economy, he stated in a message issued for the “Capital Market Conference 2014” which he inaugurated today (Oct. 9) at Cinnamon Lakeside Hotel in Colombo.

With the establishing of peace in the last five years, it is satisfying to note that improved investor sentiment underpinned by a stable macroeconomic environment has continued to attract both local and foreign investors to the CSE, the President further stated

Following is the full text of the President’s message:

I am pleased to send this message to the “Capital Market Conference 2014”organized jointly by the Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE).

Today, Sri Lanka is witnessing an era of rapid economic growth with the economy recording an annual average growth of 7% over the past 10 years. As Sri Lanka moves to a higher growth trajectory and progresses to achieve upper middle income status by 2016, it would be largely reliant on the supportive role extended by the financial sector in mobilizing and channelling resources into diverse sectors of the economy. In this regard, the capital market of Sri Lanka would be required to play an important role in the country’s drive for sustained economic growth. 

We have clearly emerged from the three decade war against terrorism that stifled the country’s development and prevented it from reaching potential goals for development. With the establishing of peace in the last five years, it is satisfying to note that improved investor sentiment underpinned by a stable macroeconomic environment has continued to attract both local and foreign investors to the CSE. Furthermore, foreign investors have continued to be net buyers in the market with net purchases by end 2014 expected to exceed Rs 10 billion. 

Against this backdrop, it is essential that investors, both locally and overseas, be made aware of the investment opportunities available in the capital market of Sri Lanka. I am of the view that the “Capital Market Conference 2014” will be able to attract much needed foreign funds for growth of the capital market and pave the way for Sri Lanka to reach a satisfactory level of sustainable growth.

I commend the SEC and the CSE for taking the initiative to organize this event and wish it every success. 

Following the inauguration of the event by President Rajapaksa, welcome speech was made by Dr. Nalaka Godahewa, Chairman of SEC. Progress Report on the Capital Market was presented to President Rajapaksa on this occasion. A speech on ‘Country Vision’ was made by the Secretary to the Ministry of Finance and Planing and Secretary to the Treasury Dr. P. B. Jayasundera. (PRIU/KH)