CCC Economic Summit – Any key learnings?

THE country’s premier private sector lobby the Ceylon Chamber of Commerce early this week successfully concluded its two-day Sri Lanka Economic Summit. It was the 12th edition of the annual forum and focused on the critical issue of fast tracking implementation to drive growth.

As we have often highlighted two years since end of the war, the level of development in the country hadn’t matched expectations of most. Of late there is longer delay in decision making or policy setting. As emphasised by Chairman Dr. Anura Ekanayake the Ceylon Chamber reaffirming its role as a catalyst of economic progress was bold to have chosen such a theme.

Secretary to Ministries of Finance and Planning as well as Economic Development Dr. P.B. Jayasundera in his usual style gave a good overview of the state of the economy and an outline of medium term outlook. His keynote covered unprecedented opportunities in traditional sectors as well as emerging ones and challenges as well.

The Summit which drew over 300 participants endeavoured to focus on several sectors such as financial services, agriculture, tourism, IT/BPO, higher education and skills development, logistics, construction, healthcare as well as ease of doing business. The theme “driving growth through fast track implementation” implied that there was an issue of implementation of policies and programmes concerning most of these sectors. Selection of speakers and panellists was good with over 70 in total spread out over two days.

However in our view it is a fair comment that the Summit organiser, the steering committee and those who finalised speakers and panellists perhaps failed to meet in advance and identify probable or some of the most significant bottlenecks hampering the chosen sectors. Whilst we acknowledge that putting together a Summit of this nature itself is an arduous task, hence commendable, it would have been better had the Ceylon Chamber taken that extra step. The failure for whatever reason, only ensured the obvious i.e. almost everyone talking of the potential of these sectors or the fact that it hasn’t been harnessed fully and what can be done. It is not an indictment on the Sri Lanka Economic Summit 2011 team when we say that given the fact that there had been 11 previous occasions of meeting of minds apart from at similar or different fora, most of the talk or ideas shared were known or a no-brainer.

Most of the sectoral plenary sessions and breakout sessions being titled “Growth opportunities” may have made speakers to focus on same without taking into cognisance the overall theme of the Summit – fast tracking implementation. Ideally each session could have got down to business direct by dealing with bottlenecks in relation to maximising from the unfolding opportunities in post war Sri Lanka.

In that context the Summit, given the gamut of expertise converged and high profile of participants, was a missed opportunity in terms of brainstorming solutions to bottlenecks, shaping consensus or even getting direct response from those who are responsible for implementation.For example the Summit being held mid-year could have taken stock of Budget 2011 sectoral proposals and critique their speed of implementation, acceptance by the industry, effectiveness and/or deviations or policy reversals and their impact.

Whilst some sessions did bring out bottlenecks though failed to crystalise effective solutions, others purely focused on opportunities, known but also new. One could argue that keeping it open will encourage suggestions from participants but knowing the Sri Lankan psyche, in fora like the Economic Summit, it is important, instead, to drive and engage the audience. Despite these few reservations the Summit overall and the theme was positive. The wrap up or final plenary session perhaps did justice in terms of sticking to the theme and was a good example if other sessions too got down straight to the issue a more lively discussion or debate was possible. The panel of MPs was lively and expressive but then again we know how much politicians love a stage. Therefore insights shared in a critical analysis were nothing mind boggling but have wide public knowledge. However the panel reinforced the need for good and effective governance and inclusive development. That was the key take.