By Dr. Sarath Obeysekera

A recent article published in LankaWeb argues that an economic downturn is inevitable for Sri Lanka. While I appreciate the concerns expressed, I respectfully disagree with that conclusion.

Sri Lanka has already emerged from one of the darkest economic periods in its post-independence history. The country has restored macroeconomic stability, inflation has been brought under control, debt restructuring has progressed, and confidence among international lenders and investors has gradually returned. The road ahead is certainly challenging, but an economic downturn is not inevitable. (youtube.com)

The real issue lies elsewhere.

Our greatest weakness today is not a lack of opportunity but a lack of bold execution.

The present Government has assembled many young ministers and appointed new heads of state institutions with the sincere intention of bringing fresh thinking into public administration. That deserves recognition. However, enthusiasm alone is not enough. Running a ministry or a strategic state institution requires experience, commercial judgment, and the confidence to make unconventional decisions.

Too often, officials are reluctant to think beyond established procedures. Decisions are delayed. Files move from desk to desk. Investors become frustrated. In some cases, institutional ego or fear of criticism may prevent practical solutions from being adopted.

Sri Lanka cannot afford such hesitation.

Foreign Direct Investment (FDI) is not attracted merely by speeches, conferences or investment forums. Investors seek speed, certainty and confidence. They want to know that when they bring billions of rupees into the country, approvals will be granted promptly, regulations will be clear, and Government agencies will work together rather than operate in isolation.

Throughout my career in the marine, offshore and heavy engineering industries, I have seen countries transform themselves by making bold decisions.

Singapore had no oil. Yet it became one of the world’s largest offshore engineering and rig repair centres.

The United Arab Emirates looked beyond its oil wealth and diversified into logistics, aviation and finance.

Norway used its offshore petroleum resources to build one of the world’s most advanced engineering industries.

Sri Lanka also has unique advantages.

Trincomalee possesses one of the finest natural deep-water harbours in the world. Colombo Port continues to expand. Port City offers the opportunity to attract regional headquarters. Our strategic location on the busiest East-West shipping lane remains unchanged.

Yet these advantages alone will not create jobs.

They must be supported by bold policies that encourage investment in:

● Offshore engineering and ship repair.

● FPSO conversion and maintenance.

● Oil and gas support services.

● Renewable offshore energy.

● Marine manufacturing.

● Heavy engineering industries.

● Modern vocational education to produce internationally recognised skilled workers.

I have repeatedly advocated the establishment of Trincomalee as an offshore industrial hub, capable of servicing drilling rigs, FPSOs and large commercial vessels. Such projects would generate thousands of high-paying technical jobs while creating opportunities for local suppliers, universities and vocational training institutions.

Similarly, the Government should accelerate approvals for strategic investments in energy, logistics and manufacturing instead of allowing projects to remain trapped within administrative procedures.

Economic success rarely comes from doing only what everyone else has done before.

It comes from thinking differently.

It comes from calculated risk-taking.

It comes from empowering experienced professionals, both within Sri Lanka and among our overseas experts, to contribute without unnecessary bureaucracy.

This is not the time for institutional pride or personal ego.

This is the time for collaboration.

Sri Lanka possesses capable engineers, entrepreneurs, academics and professionals who have delivered world-class projects across the globe. Their expertise should be welcomed into national development.

I therefore remain optimistic.

Provided that the Government continues economic discipline while simultaneously embracing bold investment policies and faster decision-making, Sri Lanka can achieve sustainable growth instead of another downturn.

The opportunity is before us.

History will judge whether we had the courage to seize it.

Regards

Dr Sarath Obeysekera