A private sector consultation has been organised to initiate a dialogue on mobilizing domestic investment for the Sustainable Development Goals (SDGs) by the Ceylon Chamber of Commerce, in collaboration with Janathakshan (GTE) Ltd., and the Centre for Environment and Development (CED).
The event will be on February 17, from 2-6pm at the Ground Floor Auditorium of the Ceylon Chamber.
The project is part of the GIZ 2030 Agenda Transformation Fund to support projects and activities from across the world contributing to achieving national goals for implementing the 2030 Agenda.
The main objective of this project is to build transformational capacities and facilitate private sector and subnational governments to align their investments towards the implementation of the 2030 agenda in Sri Lanka.
The project proposes to localize the SDGs particularly towards providing options for private sector and subnational governments to align their investments with the 2030 Agenda as well as making the domestic resource mobilization options more inclusive and locally appropriate.
The main outcomes from the project will include, (a) an analysis of current investment strategies, (b) a domestic resource mobilization framework, and (c) capacity building on the investment framework and influencing budget 2020.
The 2030 Agenda for Sustainable Development will require financing to the tune of several trillions of dollars, while current levels of Official Development Assistance stand at a mere 3-4% of this requirement.
By some estimates, achieving the Sustainable Development Goals by 2030 will require mobilizing an additional $2.5 trillion per year from diverse sources, such as development aid, domestic budgets, and private investment.
At the same time, achieving the SDGs could open up $12 Trillion in market opportunities and create 380 million jobs by 2030. In order to achieve the SDG targets, it is imperative to mobilize domestic resources apart from others. The combination of huge investment requirements and limited public budgets – added to the economic transformation objective of the SDGs – means that the role of the private sector is even more important than before.
Uchita de Zoysa, Executive Director, Centre for Environment and Development & Chairman-Global Sustainability Solutions, will deliver the lead presentation on Strengthening the Mobilization of the Private and Sub-national Domestic Investments in Sri Lanka. This will be followed by a session on the Sri Lanka Economic Acceleration Framework and Investing in SDGs, and a panel discussion which will include industry sector leaders and experts.