CB Governor baffled by private sector’s wait-and-see stance
Posted on July 29th, 2017

Dr Sarath Obeysekera

Quote

“I urge the private sector leaders here to ask yourselves these questions. Is the country moving in the right direction in terms of its economic policy making, trade policy framework and foreign investment promotion programme? Do we have the right frameworks for public debt management, sensible public expenditure targets, revenue enhancement, safeguards for Sri Lankan enterprises vis-a-vis free trade agreements, transparent tax regimes, up-front investment allowances in place of tax holidays, lowered costs in cross-border transactions, technology transfer plans, anti-dumping bill etc.? Check out these elements in the comprehensive economic strategy which is underway, and then consider whether you should invest your money here in Sri Lanka or would rather do so in Bangladesh, Trichy or Ethiopia?

Unquote

Learned doctor who talkS much theory has no clue why private sector is not coming forward.Government talks about PPP and an Executive Decision Body is formed in Finance ministry for  PPP implementation has been formed and private sector has no clue where and when they can spend their funds and join the development .

Megapolis wants PPP in many projects,calls offers ,EOI’s and nothing is moving .Say Canal Transport Project where Megapolis wants to have private sector participation and join with SLLRDC and called EOI .Only one party has submitted a proposal .SLLRDC hires Dutch Consultants who have failed to build up the confidence among private sector .It clearly show the confidence private sector has in government policies .

Galle Habour to be converted to a Marina and cabinet approved a PPP using Swiss Challenge and yet nothing happened .Loss making Fishery Corporation wants PPP to develop and none is interested .I wrote about this before .Government Valuer gives exorbitant lease when Private sector wants to join and Director General of Audit Department keeps interfering trying to emulate Yahapalanaya.

I myself got involved in Private sector investment in Galle Harbour to develop Yacht Repair and Building Facility,Investor pulled out after trying three years ,even after signing the agreement .Now we as a Local company want to invest and revive the project ,SLPA wants RFP again and I am sure there will never be a Marina during my life time

No wonder why few investors like Laugh ,Natures Secret ,Aitken Spence wants to venture into Male ,Bangladesh .Burma and Vietnam.

Vietnam is a communist country and yet investment is so easy and people tend to move funds to invest .

We have many doctors in the government who have no clue about investments .

Only proper doctors in Sri Lanka  ( as my wife who is a medical doctor calls me that I am not a proper doctor ) who are in the service go on strikes against privatization ,thus discouraging all the investors who want to start projects.

Dr Sarath Obeysekera

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