{"id":104460,"date":"2020-07-13T16:28:35","date_gmt":"2020-07-13T23:28:35","guid":{"rendered":"http:\/\/www.lankaweb.com\/news\/items\/?p=104460"},"modified":"2020-07-13T16:28:35","modified_gmt":"2020-07-13T23:28:35","slug":"industry-classification-industry-authority-and-industry-policy-development","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2020\/07\/13\/industry-classification-industry-authority-and-industry-policy-development\/","title":{"rendered":"INDUSTRY CLASSIFICATION, INDUSTRY AUTHORITY, AND INDUSTRY POLICY DEVELOPMENT"},"content":{"rendered":"

BY EDWARD THEOPHILUS<\/strong><\/em><\/span><\/h2>\n\n\n

In\nthe 1980s, I attempted to develop industry averages in Sri Lanka, and the\npurpose of my effort was to support credit policy development, which needed to\nsuccessful credit management in a government bank, where I had been working.\nWhen I was talking about industry averages, bank executives, and the government\nauthority had no clear understanding of it, and the unpleasant environment of\nthe country at that time, and in the bank where I was working, I left the\ncountry. Recently, I read a statement issued by the governor of Central Bank,\nwhich was an issue related to the financial system of Sri Lanka. The statement\nof the Central Bank governor confirmed that Sri Lanka needs working lots for\nthe development of many industries, services, and business for sustainable\ngrowth. <\/p>\n\n\n\n

The\nconcept of the industry has broadly expanded in Sri Lanka during the past\nseveral decades, and I observed that many issues related to the various\nindustry are being discussed in news media, and such problems seem to be\ncontinued in the country without proper solutions.  When I was talking about the concept of\nindustry standards with a higher level director of the Ministry of Industry, he\nadmitted that my point was vital, but top people in the country have no\nunderstanding about the concept of the industry, the executive personnel of the\nministry had an excellent understanding of my idea, and the executives of the\nIndustrial Development Board and the Central Bank did not concern about the\nconcept of the industry because they were self-centred, and they did not want\nto work on the idea I presented. <\/p>\n\n\n\n

When\nthe world has been rapidly transforming to the dynamic environment I noticed\nthat Sri Lanka has relegated to higher risk in business activities, and I wrote\nto the president of Sri Lanka, Mrs. Chandrika Kumaranatunga was holding the\noffice on this complication of industry concept and how it could be used to\nattract foreign investments to the country. \nThe operation of various parts of the financial system had a negative\nimplication to Sri Lanka\u2019s economy and policy personnel did not concern on the\nmatter.<\/p>\n\n\n\n

Colombo\nStock Exchange also rapidly expanded at the beginning of the 21st<\/sup>\ncentury and the concept of the industry was valuable to attract and promote\ninvestments in the CSE, and to attract the confidence of international\ninvestors.  I mentioned this point in the\nletter addressed to the president. I saw in news reports some crooks were\nplaying dishonest games in the Colombo Stock Exchange <\/p>\n\n\n\n

I\nread a public statement of a person that Colombo Stock Market is an adorable\nplace that supported him to purchase a piece of land from Colombo 7. Many\npeople became rich short selling and misleading people.  Investors had difficulties to estimate\ninvestment returns of various industry and individual firms within an industry\nas averages of the industry with firms were not available in the country.   <\/p>\n\n\n\n

 The lack of knowledge of industry\nclassification, role of the industry authority, weak industry policy\ndevelopment negatively impacted the development and opportunities of CSE.  Nobody can underestimate the Asian crisis in\nthe late 1990s and impact made on Asian currencies and stocks. Indonesia is\nstill in the same mud pond without overcoming fundamental issues. <\/p>\n\n\n\n

In\nthis background, Sri Lanka needs an industry authority, which prepares industry\naverage, industry regulation, and plays an ombudsman role. If it takes the\nfinancial system of Sri Lanka sub-system or markets such as insurance, non-bank\nfinance companies, leasing institutions, Superannuation organizations, hire\npurchase companies and others are operating in the system.  The Central Bank of Sri Lanka cannot regulate\nthe broader system and develop industry averages.         <\/p>\n\n\n\n

The\nindustry authority needs to perform a regulatory role and they need to meet\nquarterly and discuss issues.  The\nCentral Bank of Sri Lanka cannot perform all activities and need to delegate\nthe powers to sub-industry authorities and supervise the roles of industry\nauthorities.<\/p>\n\n\n\n

Mr.\nGotabaya Rajapaksa as the president of Sri Lanka must order his advisors to\nperform this role.  If this work\nsuccessfully effective in the country nearly one hundred graduates could be\nprovided good jobs and there cannot be graduate unemployment in the country. <\/p>\n","protected":false},"excerpt":{"rendered":"

BY EDWARD THEOPHILUS In the 1980s, I attempted to develop industry averages in Sri Lanka, and the purpose of my effort was to support credit policy development, which needed to successful credit management in a government bank, where I had been working. When I was talking about industry averages, bank executives, and the government authority […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[124],"tags":[],"class_list":["post-104460","post","type-post","status-publish","format-standard","hentry","category-edward-theophilus"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/104460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=104460"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/104460\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=104460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=104460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=104460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}