President Anura Kumara Dissanayake yesterday sent a strong message to Sri Lanka’s private sector, urging it to take steps to boost the national economy rather than placing the entire burden of transformation on the government.
Addressing senior private sector representatives at the Sri Lanka Economic Summit, Mr. Dissanayake said that if change is expected from the government, the private sector must also embrace change to unlock the country’s economic potential.
“The private sector has a huge role to play in developing the economy. You should expect this change from the government. It can come with a change in attitude. When it comes to the community, we need to see a change.
“You are the engine of economic growth. My request is to contribute to building this country,” the President told a packed audience at the summit organized by the Ceylon Chamber of Commerce under the theme ‘Shaping Sri Lanka’s Future: Transformative Growth Rooted in Good Economic Policies’.
“The future of the economy is in your hands. You have the power, knowledge and attitude to make a difference,” he asserted.
At the inaugural ceremony of the summit, Mr. Dissanayake shared his perspectives in a heated discussion with CCC Deputy Vice President Bingumal Thewarathanthri.
He also pointed out that although the public sector is bloated and expensive to maintain, it is still not considered a burden. However, he questioned why it remains more attractive than the private sector.
“The Director General of the Customs Department shared that many private sector professionals are applying for jobs in the department. Is it because of job security or other factors? Despite the large workforce in the public sector, there is still a shortage of skilled middle-level professionals such as accountants or officers for departments such as the Inland Revenue Department (IRD).
“We need a dialogue to discuss why the private sector is not as attractive as the public sector and what can be done to bridge this gap,” he said.
The President stressed that Sri Lanka is aiming for rapid growth and that one of the government’s key objectives is to eradicate rural poverty.
To achieve this, he said that further efforts are needed to create new economic opportunities for the rural people, who currently have limited options and are heavily dependent on paddy fields, cultivation, reservoirs and minimal economic activities.
“Our aim is to create an economic renaissance for them. They must actively participate in the economy; only then can they benefit from it.
“To this end, I personally invite you to expand your investments. Decentralizing the economy and providing opportunities to low-income groups will enhance their purchasing power, which will in turn improve economic flows,” he said.
Regarding expanding Sri Lanka’s international market share, Mr. Dissanayake stressed the need to review the existing preferential trade agreements, especially with India, to understand why they have not yielded the desired results.
He acknowledged that India is a large and fast-growing economy, and its geographical proximity makes it a strong potential market.
“However, we need a clear strategy to enter this market. It is not about who signed it (the FTA). It is about how and why the agreement was implemented and whether it brought us benefits or challenges. We need to clearly understand these factors before moving forward with new agreements. Once we have clarity, we can move forward with confidence,” he said.
Commenting on BRICS, Mr. Dissanayake observed that the global landscape is not entirely consistent with the statements made by some leaders. He stressed the need to balance expectations with pragmatism and reality in the international arena.
Reflecting on his experience in leading the government, Mr. Dissanayake said he was “happy” that the National People’s Power (NPP) was the party that had previously held power.
“We faced a lot of skepticism from investors, the international community and even the local people. “We are happy that this skepticism is now over. “The people believe in us, they have faith in us, and that is the biggest victory ever,” he said.
