Sri Lanka gears up for economic transformation with McKenzie

Sri Lanka is gearing up for a significant economic transformation in the next one and a half years with the expertise of a Hong Kongbased law firm amidst a global economic meltdown and the ripple effect of 'Brexit' on the global economy.

Law firm Baker & McKenzie has been assigned with the task of coordinating economic transformation in the island, Advisor to the Ministry of National Policies and Economic Affairs R. Paskaralingam told the Cabinet Committee on Economic Management (CCEM) recently.

According to Finance Ministry sources, changes are being made to increase economic competitiveness and growth and new strategies, both mid-term and long-term, to support production and Foreign Direct Investment will be unveiled soon.

Baker & McKenzie will extend its expertise in accelerating programme management operations including the building of the capabilities of the key government officials and intensify implementation of problem solving procedure for selected priority projects, a senior Finance Ministry official said.

The Hong Kong-based law firm will also conduct initial preparato- ry work to set up delivery labs which bring together 20 or 30 people from all appropriate departments to develop solutions for problems in the implementation of priority projects.

Several selected retired senior military officers are to be assigned the task of coordinating certain projects at district level. The Malaysian model for project monitoring developed by McKenzie will be introduced to Sri Lanka under this initiative, he added.

Sri Lanka has assigned McKenzie to draft new laws as well as to revise existing laws relating to fiscal and the monetary sector, restructuring insolvency, real estate, assets, residency and property, intellectual property and tax.

The company will be entrusted with the task of also drafting new laws for the establishment of the Colombo International Financial Centre (CIFC).