Friday Dec 13, 2024
Friday Dec 13, 2024
Monday, 30 November 2015 00:00 - - {{hitsCtrl.values.hits}}
“Sri Lanka needs a smarter growth path anchored to a ‘3i’ strategy of international, inclusion, and innovation,” stated Ceylon Chamber of Commerce Chief Economist Anushka Wijesinha at the Member’s Club Monthly Meeting last week.
With over 95% of enterprises being MSMEs, Sri Lanka cannot achieve inclusive private sector development without enhancing competitiveness of this segment, he argued. “This is part of inclusiveness; it’s not only from the viewpoint of poverty and welfare. We must create the investment climate that enables these firms to thrive, and then for more Sri Lankan firms to go global.” He also asserted that if Sri Lanka is to successfully breach middle-income, it cannot be done without a much stronger focus on innovation; at all levels of business and society.”
Wijesinha cited several examples of innovative business models and innovative products and services coming from a spectrum of Sri Lankan business across the country – from Polonnaruwa, Jaffna, Colombo and Trincomalee. “The digital economy is opening up new avenues for business competitiveness and new ways of doing business. I call this ‘digital dynamism’. We are seeing it across the country and across all firm sizes.”
Wijesinha’s presentation covered the gamut of Sri Lanka’s socio-economic challenges, from shifting the growth model away from domestic non-tradable sectors towards exports, boosting incomes among the one-third of Sri Lankans who lives on less than 330 rupees a day, and fiscal consolidation in order to bridge the development financing gap and ensure macroeconomic stability.
He closed by offering up four scenarios for the policy reform process, ranging from policy paralysis to a policy overhaul.
“The reality lies somewhere in between,” he argued. “The Government will probably undertake a range of measures to ease the business climate and reform business regulations in an attempt to boost private investment, while putting off the tougher, more politically sensitive reforms given the complexities of a unity Government.”
The members and guests present had the opportunity of leaning and understanding the various complexities of the Sri Lankan economy and expressed their gratitude to Wijesinha for his informative and indeed thought provoking presentation.
