CIM Sri LANKA-SLIM joint forum enlightens marketers on anticipated economic perspectives for 2019
The Chartered Institute of Marketing Sri Lanka together with Sri Lanka Institute of Marketing (SLIM) organised an interesting joint forum titled ‘Economy 2019 - A Legislative and Corporate Viewpoint’ at the Union Ballroom, Hilton Colombo Residences recently.
The programme highlighted anticipated legislative and economic changes that could drive the economy during the year ahead, drawing insightful perspectives from the eminent panel including government ministers.
Former Telecommunications and Digital Infrastructure and Foreign Employment Minister Harin Fernando and Plantation Industries Minister Navin Dissanayake addressed the gathering on government sector efforts. Joining the ministers on a panel discussion was Aitken Spence PLC Director Dr. Rohan Fernando and Ceylon Chamber of Commerce Chief Economist Shiran Fernando, with Hatton National Bank PLC Chairman Dinesh Weerakkody serving as the moderator.
Acknowledging that ‘Politicians are human marketers’, Harin Fernando said: “The buzz word is digital. We have been developing a digital economic strategy and it will be released shortly. With the entire digitalisation process life will become easier and more productive as well. Today we have ‘digital health’ with over 60 hospitals having digital records and we have heavily invested in schools. We have given digital access to students and that is the way forward,” he noted.
Commenting on marketers’ expectations of the oncoming budget he said: “You can expect a lot of public private partnerships promoted in the budget. The trend is being set and the Finance Ministry will also support this.”
Speaking to those present, Navin Dissanayake said: “Though the buzzword is digital the core is traditional. We are still depending on traditional crops. This shows we have not given thought and need visionary leadership to diversify into other areas.”
Comparing other countries he said: “In comparison to core competitors in other countries in the region we have not divested our economy into other activities and this shows there is a lot of work to be done.”
Addressing the marketers’ present, Dissanayake noted:“in global marketing, multi-nationals spend billions of dollars in marketing. I feel there has to be a very innovative marketing campaign where all the state agencies come together and use their talent and ability to market Sri Lanka as we are not properly marketing our country. The Fiscal Act and Right to Information Act have strengthened the right of people to citizenry. A lot of good work has been done. Sri Lanka has been put back on the international map.”
He noted that the “Job creation culture has to change and though young people feel their interests are not looked after there has to be a joint effort by the government, corporate sector and the youth.” Finally he noted: “Time will tell what happens in 2020. We are going to have a fiscally responsible budget. We feel it is our duty to have responsible accounting and financial decisions making for the benefit of future generations. We stand for having a free market economy that delivers and allows its people to prosper.”
Commenting on expectations of 2019 from an economist’s perspective, Shiran Fernando said: “Looking at some indicators, especially the currency, we are caught in a bad forex storm despite being mostly external reasons. The oil prices also beyond our control and the rupee depreciating also largely depends on what goes on globally.” “Despite the global picture there are opportunities and the private sector and the government, should be able to identify these,” he noted. Observing expectations of the 2019 budget he said: “From the private sector, they expect less taxes in terms of uncertainty and lack of clarity and strategies on how expenditure will be curbed.”
Adding to these sentiments, Rohan Fernando said: “Policy consistency is very very important. Otherwise no local or foreign investor is going to invest. If possible these should be addressed in the budget as we need to give investors’ confidence, even the rural investor.”
A vibrant and thought provoking panel discussion took place among the speakers and the audience and the session was moderated by HNB PLC Chairman Dinesh Weerakkody.