LSEG calls for revamping Sri Lanka’s labour law, mulls ETCA

Friday, 20 May 2016 00:00 - - {{hitsCtrl.values.hits}}

Following its swift entrance to run its capital market business the London Stock Exchange Group was concerned about Sri Lanka’s redundant labour laws which could deter potential investors.

LSEG Business Services Ltd Country Head Rohan Paulas told the Daily FT that there are a lot of entry barriers on the surface which are inherent.

“One of the entry barriers is the employment law which has not been changed in this country since 1958 for it to change it will take another several years. So as an organisation we have to make a call whether we come after four years or do it now; in that respect we are of the view that we must somehow make it work and find flexible ways to have an inclusive workforce both male and female.”

When asked his sentiments on how the much debated Indo Sri Lanka ETCA agreement will present Sri Lanka’s IT scope to the world, he said: “We haven’t considered ECTA for this development but in the long run its important for the Sri Lanka to realise that for a major organisation such as the LSE to come to Sri Lanka it must be assured that we get access to a talent pool which is world class and if for any reason Sri Lanka cannot produce that, it needs to have that flexibility of getting that talent pool even in a short term to be able to train up and make transition possible.”