Together for all

Monday, 3 January 2011 00:01 - - {{hitsCtrl.values.hits}}

Having stepped into the new year, the challenge now is what should be done to maximise the potential 2011 brings. From the perspective of the private sector, the concentration should be on working together to ensure that 2011 actually materialises into the much-expected take-off year.

So what needs to be done? There is stronger impetus in diversifying exports and promoting Sri Lanka to the world. It has become abundantly clear that Sri Lanka has much to gain from Foreign Direct Investment and interlinked processes to promote development.

The Government has acknowledged this and has set about creating a one-stop-shop so that investors can get their projects off the ground in minimum time.

However, much more needs to be done in this regard. Sri Lanka needs to position itself in the world as a preferred investment destination. For this to happen, the local businesses must prove themselves to be steadfast and successful. For what country can say that they can promote outside business if they cannot do the same with theirs?

So the gauntlet has been thrown. Can the private sector make 2011 their year? It is a simple question to ask, but has a multitude of dimensions to consider. The global economic downturn has hung around longer than expected and reduced established and lucrative markets for exports, especially apparel. So the challenge now is to find new markets, with new products and new ideas.

Asia, spearheaded by China and India, has made massive strides towards progress in the past few years. It is estimated that the latter will surpass China by 2018 as the fastest growing economy in the world and Sri Lanka has a unique opportunity to make headway. Some private sector heads argue that it would be easier to breach emerging markets elsewhere, but whichever country they pick, the onus is to find a toehold and expand using the unique talents and opportunities present in Sri Lanka.

For ideas to flourish, there must be knowledge, technology, discussion and innovation. People must find new ways of doing things so that they can create fresh goods and services at a low production cost. Sri Lanka’s inherent strengthens of apparel, agriculture and tourism are poised to grow in the new year.

Global trends such as labour cost increases in China have provided opportunities for Sri Lanka. The presence of foreign universities, more research and development that are promoted in the Budget and better interaction with discoveries can help Sri Lanka level the playing field with other nations racing for the same market quota.

Perhaps the most important point is inclusive growth. As Sri Lanka heads towards economic prosperity, it must be remembered that this is just one side of the coin. Reconciliation and sustainable peace are directly linked to economic prosperity and for the latter to last, the former must be based on equitable treatment and rights. Connecting the country in a web of interlinked processes that will take development to the grass-root level is important, so that war widows, orphans and other vulnerable sections of society can reap the benefits of economic growth.

2011 will be a challenging year, but with perseverance, determination and goodwill, it can also become a most rewarding year.