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| Sunday, 21 August 2005 |
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Tripartite MoU to boost economic growth by Elmo Leonard A tripartite Memorandum of Understanding (MoU) was signed recently between the Chamber of Construction Industry Sri Lanka (CCISL), University of Moratuwa (UM) and Board of Investment of Sri Lanka (BOI) with the objective of accelerating economic growth. CCISL president, Surath Wickremasinghe said that development was retarded alike, in the cities and the provinces due to a lack of essential infrastructure. The CCISL had therefore taken a decision at its recent AGM to concentrate on promoting economic infrastructure on a national scale. The theme launched at the CCISL's annual forum was 'economic infrastructure for accelerated economic growth.' Wickremasinghe said that successive governments had provided economic infrastructure for different types of programs on a project-by-project-basis. But if the country is to be developed as a whole, Sri Lanka should have a national infrastructure plan for accelerated economic development. Finance Minister Dr. Sarath Amunugama had said that his target for this year's economic growth was 5 to 6 per cent and projection for sustained economic development was 8 to 10 per cent. Wickremasinghe said that until the national economic development plan is in force, an 8 to 10 per cent growth is not possible. As a first step, the three players are in the process of identifying the strategic projects which are feasible and could be accomplished so as to promote accelerated economic growth, he said. As a starting point, the public and private sector organisations and all other interested contenders in the power, telecom, water supply, irrigation, transport, highways, ports and airports would have to submit proposals for infrastructure development within their respective fields, Wickremasinghe said. The UM and other universities associated with them would, where necessary, draw out pre-feasibility reports which are deemed of national importance. The CCISL will thereafter examine these studies with appropriate professional groups and with relevant government agencies and recommend them to government for BOI approval.While the BOI receives the list of projects for implementation, preliminary approvals by the statutory agencies should be in place, while the line agencies should play its part. Government on its part should give approval for land acquisition where necessary and a major drawback in the past was the failure of government in that respect. Wickremasinghe drew attention to the law for immediate acquisition of land for urban development. That model should be extended for priority projects of economic infrastructure. The advantage of this exercise is that any dispute about acquisition of land could be separated from compensation payable to the affected parties. They could continue to seek their rights about the quantum of compensation in any court of law. |
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