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Private sector, professional bodies urged to ‘rise to the occasion’ to help spur growth

In its influential standing as a premier professional body in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) organised the Annual Budget Seminar on Thursday (19th November 2020) which brought together a host of eminent speakers and panelists who shared their insights on the Government’s National Budget for next year.

CA Sri Lanka is among the few professional bodies which has been at the forefront in organising the annual budget seminar spanning many years. The keynote speech at this year’s seminar was delivered by State Minister of Money & Capital Market and State Enterprise Reforms Hon. Ajith Nivard Cabraal who centred his speech on the topic “Thinking Behind the Budget Proposals.”

In his speech, Mr. Cabraal called on the private sector as well as professional institutes such as CA Sri Lanka to rise to the occasion and help bring in new investments into the country to ensure long term sustainable growth.

“One of the key areas that this government is keen to usher in is steady growth. Also, growth is essential if this country is to move forward and that is the underlying theme of this entire budget. We want to see growth being brought by the government as well as from the private sector,” he said.

Mr. Cabraal said institutions such as CA Sri Lanka also have a key role to play in spurring growth. “You must also bring in investments because it is not only the responsibility of the Board of Investment, and the government and ministers to do this. If you strive hard, give the right message, and provide necessary assistance to the private sector and foreign investors, I am sure we can see a lot more investments coming into the country,” he said.

President of CA Sri Lanka Mr. Manil Jayesinghe said that the government has an uphill task in the next few years to ensure a proper recovery process is put in place to minimise the negative impact on the economy and the livelihoods of the people following COVID-19.

“But this is not a task that can be achieved by the Government alone. Professionals and drivers of businesses have a key role to play in this recovery process by