The Federation of Chambers of Commerce and Industry (FCCISL) has sent President Gotabaya Rajapaksa a lengthy submission of 10 core issues facing the private sector, especially the SMEs, and how those could be resolved. 

FCCISL is the apex body of the Sri Lankan chamber movement, giving the leadership to 64 business chambers and associations across the country representing over 25,000 business entities starting from micro level up to extra-large category of business enterprises in the fields of manufacturing, services, agriculture and trading.

It said the submissions are based on key findings of the operational and policy issues faced by its members.

Areas and sectors which face issues and how they could be resolved listed by FCCISL include general business environment; food industry; tea industry; construction industry; rubber industry; fish industry; ornamental fish industry; knitting industry and issues over attracting foreign direct investments.

FCCISL submissions to the President has been copied to the Prime Minister and Finance Minister Mahinda Rajapaksa, Presidential Task Force on Economic Revival and Poverty Eradication Chair Basil Rajapaksa, Secretary to President Dr. P.B. Jayasundera and Central Bank Governor Prof. W.D. Lakshman.

FCCISL also urged the Government to seriously consider restructuring loss-making State-owned enterprises such as Ceylon Petroleum Corporation, Ceylon Electricity Board, SriLankan Airlines, Sri Lanka Railways and Sri Lanka Transport Board with a view to reduce the burden on the treasury and financiers such as banks and non-banking institutions. 

“Suitable reforms and productivity improvement in these loss-making State-owned enterprises will help to channel scarce resources for more intensive healthcare measures and modernising education, the much-needed basis for future value creation and competitiveness in the economy,” FCCISL said. 

It said encouraging investments, including FDIs, will help strengthen the balance of payments. 

“This is a good time for the country to attract investment from global multinationals looking to diversify their manufacturing bases; as well as to kick start large scale infrastructure projects that are on hold, by mobilising private capital,” FCCISL added.

FCCISL also envisages that some form of wage support for the affected sectors until they regain their normal activity levels, would also be appropriate in order to avoid job cuts and heavy pay cuts. 

Ceylon Chamber high-level dialogue today to create dynamic SME sector