Bold change

The private sector is capable of transforming Sri Lanka, and new Ceylon Chamber of Commerce Chairman Dr. Hans Wijayasuriya believes it is possible for the country to increase its growth to that of peer countries in the next five years and put the country on a more positive trajectory. But few would deny that the challenge is massive. 

The well-known businessman, in his first address as Chairman, made a clarion call to the private sector to band together to build inter-communal harmony, foster peace, and push Sri Lanka’s industries to become globally competitive. He highlighted the talents, resources, expertise, and innovation Sri Lankans could draw on to grow economically, but to also build stronger human connections and move the country away from bigotry and hatred. 

Wijayasuriya observed that as Sri Lanka moves forward into the 2020-25 period, there is no doubt the nation will be entering an era of exponential change – a period during which there will be quantum transformation in the foundations of global competitiveness and a phenomenal opportunity for smaller and agile nations. He called for the country to focus on the ethos of inclusion and the thesis of inclusive capitalism, secondly the mega trends around the fourth industrial revolution, and thirdly the power of ecosystems, and last the acceleration of pervasive globalisation.

He insisted that this will be an era in which a collective and non-partisan, nation-minded and context-focused organisation such as the CCC has an important role to play. It also represents a calling for Sri Lankan companies to align and exploit these mega trends in the interest of economic and social advancement based on the fundamentals of social equity. 

These are indeed lofty goals, and Sri Lanka’s private sector has the potential to be the harbinger of positive change and development, but there is also a need for companies to change their mindsets and move towards progressive policies and goals. 

For example, it is companies in Sri Lanka that, in the aftermath of the Easter Sunday attacks, also resorted to racist advertising to push forward their businesses, some even relinquishing their Halal certifications because they believed the market would reward them for that step. One company, obviously under pressure, felt the need to advertise their non-Muslim ownership and even named the percentage of Muslims in their employment. Few if any broader minded companies stepped forward to counter the negative implications of these actions, openly offering assistance for affected small businesses and fought for tangible results on the ground. 

It is Sri Lanka’s private sector that lobby extensively for protectionist measures and prefer to keep their industries and their sectors safe from outside competition. There are also professionals, largely employed by the private sector, who do not want outside competition and fight to keep their corner fenced in. 

It is also the Sri Lankan private sector that has been less than enthusiastic when it comes to empowering women, who make up 52% of the population, and allow them to become stronger stakeholders in the economy. Currently, only 8.5% of about 1,500 Board of Directors in listed companies in Sri Lanka are women, according to the International Finance Corporation (IFC). Even more startling is that from 2017 to 2018, the number only grew by 0.3%, showing that even the most influential companies are reluctant to make bold changes. 

If Sri Lanka is to reach the heights that Dr. Wijayasuriya is projecting, then the private sector has to make decisive and progressive changes. It remains to be seen whether they have the willpower.