Industry associations across island present 10-point plan to restart Sri Lanka
As doing business in Sri Lanka is becoming increasingly difficult with the current economic situation, 18 industry associations yesterday came on to one platform to present a 10-point plan to restart Sri Lanka.
Headed by the Chamber of Young Lankan Entrepreneurs (COYLE), professional organisations established across the country joined hands in drafting the action plan that could help ease the burden faced by the
businesses and citizens in the country.
The professional associations that represent diverse sectors presented the plan at a joint press conference in Colombo last evening.
The organisations that came onboard to share the proposal were the Chamber Of Young Lankan Entrepreneurs (COYLE), Chamber of Commerce and Industries of Yarlpanam,
United Trade and Industry Association, Dehiwala, Matara District Chamber of Commerce and Industry, Nugegoda Entrepreneurs and Professionals Alliance, Minuwangoda
Trade Association, Lanka Business Ring, Nawalapitiya
Traders Association, Entrepreneurs Lanka, Mahanuwara Sinhala Welanda Peramuna, Kiribathgoda Sinhala Merchant Association, Galle District Chamber of Commerce and Industries, Event Management Association Sri Lanka, Lanka Confectionery Manufacturers Association, Kurunagala Sinhala Welada Peramuna, All Ceylon Bakery Owners Association, Association of Container Transport, Association of Clearing and Forwarding and Federation of Chambers of Commerce and Industry of Sri Lanka.
The first area that needs urgent attention, according to the industry associations, is the need for immediate political and administrative stability, which is the reduction of the powers vested in the executive president as well as appointing professionals with relevant expertise and experience to the Cabinet and other key positions.
The second is addressing the immediate financial and essential goods crisis faced by the people while also supporting those engaged in activities that bring in foreign currency to the country. The third point in the plan is to have a ‘Sri Lanka First’ negotiation strategy for long-term debt restructuring. This can be achieved by engaging with the sovereign bondholders as well as reaching out to international organisations such as the IMF and friendly countries, the associations said.
The fourth area is to explore avenues to reduce government expenditure and make government-owned entities efficient and self-sufficient, which requires improving focus on performance and output.
The fifth area is to establish good governance by making the necessary reforms to the political structure.
The need to boost industrialisation through an accelerated drive towards export-led real GDP growth was also pointed out. Doing so would mean the government must look at bringing in certain fiscal reforms while also bringing in a structure that encourages foreign direct investments (FDIS).
The next area that needs emphasis in the current juncture is the redefinition of policies to empower traditional and disruptive industries. The associations said they were of the view that this can be realised by promoting emerging technologies such as artificial intelligence and utilising them in industries such as agriculture. Furthermore, as the country has had little success in the past in successfully promoting the opportunities available for investments, the associations proposed a global campaign for promoting FDIS via free trade agreements (FTAS). According to them, such a campaign would promote Sri Lanka, provided that targeted exhibitions and forums are organised across the globe.the ninth point is the need to have effective communication and transparency with all stakeholders of the nation, including the public to ensure accountability. The much-needed transparency can be achieved by adopting a framework that tracks and maintains a record of all activities carried out by the public sector, including public office bearers, the forum suggested.
The final point is to capitalise on the Port City and integrate a model for a transformed Sri Lanka. The associations said they are confident in the plan being a success and allowing the country to brave through the crisis and come out stronger, if it is taken seriously by the authorities.