Work smart for second wave of post war success

Monday, 20 February 2012 00:00 - - {{hitsCtrl.values.hits}}

One of Sri Lanka’s top thought leaders and respected corporate personalities Rohantha Athukorala addressing the Lions Club of Colombo Orient commented that whilst accepting the fact that the economy was into some rough times he went on to say that the first wave of post war success was the time period 2009-2011 where Sri Lanka saw the boom in the stock exchange and the double digit growth in tourism arrivals that resulted in a eight per cent plus growth but, ...

now with the recent devaluation of the rupee the stage is set for Sri Lanka’s second wave of post war success. He warned that Sri Lanka must make the right decisions from an export and growth perspective if it is to make the best out of the recent decisions where the competitiveness of the nation will determine the strength of the currency.

“Though the recent reforms are painful and will shock the Sri Lankan household, we must not expect optimism associated with devaluation to hit the numbers in the short term,” warned Athukorala. The logic being expanding the export base and correcting the fundamentals will take time.

But the good news is that these policy reforms can bring in the benefits in the longer term that is more sustainable provided some hard decisions are made on the growth front. The key decisions include making the loss making ventures of the Government like CPC, CEB to be infused with efficiency, expanding the export base with initiatives like the comprehensive economic partnerships with economies such as India and then expand to countries like Brazil. From a supply side end support must be extended to the Tea industry to drive down the age of the tea stock of the tea sector and the out of control cost structure.

Another key driver for Sri Lanka will be the up scaling of the Devi Neguma program up to the 50 plus industrial estates in the country. This includes the industrial estates of Eakala, Pallakelle and Atchuweli to be developed to be model industrial estates. May be some of the best performing ventures can be linked to global partnerships that can become the next success stories like MIT and Brandix said Athukorala.

On the tourism front, business must extend outside the hotel to the key sites of the country so that an economy led by tourism can take form. But this requires an integrated approach which the Ministry of Economic Development is strongly poised to shoulder said Athukorala but the private sector must work closely. On the Apparel front we must pass the necessary legislation that can make Sri Lanka an Apparel and logistics hub. For this to happen, the budget 2012 recommendations must be implemented together with the private sector he said.

Lions Club of Colombo Orient President Priyanthi De Silva commented that each and every Sri Lankan have a duty of making Sri Lanka to be a country that can be stronger in the second growth wave as mentioned by the Chief Guest but this require some smart work by the private and public sector.