Mohan De Alwis on Sri Lanka’s infrastructure developments | Sri Lanka Insurance | Video

World Finance interviews Mohan De Alwis, MD and CEO of Sri Lanka Insurance Corporation, on the infrastructure developments in Sri Lanka that are improving the economy

December 30, 2013
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Transcript

Mohan De Alwis explained earlier how Sri Lanka’s Insurance Industry Act will provide investors easier access to the Sri Lanka’s economic growth; now he explains the other investments that are going into the country’s ports and roads, to help businesses work better and support Sri Lanka’s seven percent growth forecast.

World Finance: You spoke last time about the ongoing infrastructure projects; tell us more.

Mohan De Alwis: Some of the better-known projects that we have are Hambantota, the port at Hambantota is being developed; there’s an airport that is being developed at Hambantota; at the same time there are a number of other ports, and among them the Colombo port extension is the more important project that we have. And there have been many power projects that have gone through. There have been hydropower projects that have been going through.

The road network project, which is the Katunayake Expressway. There are some highways that are coming up; the highway from Kottawa to the southern area, which is at the moment, the first phase is on. The Katunayake Expressway will be open very shortly.

So there are huge infrastructure projects that are going on at the same time.

“The growth rate in Sri Lanka has been phenomenal, but it requires infrastructure”

World Finance: And how is Sri Lanka Insurance working to support these projects?

Mohan De Alwis: We get involved as the insurer to the nation, with all these projects. We cover the insurance requirements of the construction, as well as the machinery, and workmen’s compensation areas.

World Finance: And how will this help businesses and improve the economy?

Mohan De Alwis: Any economy requires the infrastructure to be developed. In the past four years, the post-war era in Sri Lanka, after the third year war ended in 2009, there’s been many infrastructure projects. The growth rate in Sri Lanka has been phenomenal. We’ve had growth rates of 8.3 percent, 6.5 percent, and now this year we are targeting somewhere around seven percent growth. Now, all of this requires infrastructure. And with infrastructure projects coming through, other business ventures would be in a position to come in.

“Sri Lanka is tipped to be one of the best-growing countries”

World Finance: So what do you foresee for Sri Lanka within the next five years?

Mohan De Alwis: There will be lots of opportunities for foreign investors, and it’ll be a country that will boom, in my opinion. With these kind of growth rates, Sri Lanka is tipped to be one of the best-growing countries, and better countries to invest.

World Finance: Mohan, thank you.

Mohan De Alwis: Thank you very much.