Crucial calls in 2012

Monday, 2 January 2012 01:16 - - {{hitsCtrl.values.hits}}

The country’s private sector and professionals yesterday called for prioritisation of a host of major issues in the New Year, which in their opinion if effectively addressed will usher in true peace and prosperity.

The overriding message is swift delivery, be it policy reforms or implementation of measures well-conceived and available in public or industry domains.

The Daily FT spoke to a cross section of business leaders and professionals to list in their opinion the number one issue which the country should prioritise in 2012.

The list appears exhaustive, but reinforces the fact that apart from the end of terrorism, which though welcome, there are a plethora of issues requiring immediate action.

Though not in any particular order, some of the priorities include peace and reconciliation via LLRC recommendations; good governance; eliminating corruption; law and order, discipline; infrastructure development; more private investment; greater thrust on exports; dealing with trade deficit; contingency plans to deal with effects of global recession; policy reform and greater stakeholder input; business friendly regulation, faster facilitation; more public-private partnerships; effective public debt management; financial and capital market development; human capital and skills development; better education; maximising on the 2012 Budget proposals; greater country marketing for tourism and tea; and reduction in costs.

There is consensus that Sri Lanka will grow in the post-war era, but the emphasis on the need for credible delivery of peace and reconciliation from the private sector suggests that the Government needs to walk the talk.

Improved good governance and elimination of corruption calls highlight that the country needs “clean” and not simply rapid development, whilst despite there being no more terror, the urge for law and order gives a further facet to a more responsible and accountable society.

Whilst the private sector is confident of prospects in 2012 and beyond, the global recession and other crises according to them require Sri Lanka to be smarter and stronger to cushion itself as well as remain competitive. Greater thrust on exports and aggressive country marketing for tourism stands out in this connection.

To better achieve the desired post-war rebound, infrastructure development is a common call, whilst a prioritisation of human capital, skills development and better education are popular recommendations.

Despite Sri Lanka being the first in South Asia to liberalise its economy, continued constraints to the private sector as well as poor facilitation and efficiency in the public sector along with the low number of public-private partnerships and lack of stakeholder input in policy formulation suggest that a proper business friendly environment is far from achieved.

The private sector admits that 2012 Budget is positive and hence needs to be maximised on; however to fully harness opportunities therein as well as following the end of the war, the checklist of the private sector and professional leaders perhaps explains the internal and external challenges the country faces in the New Year and beyond.