Top entrepreneur slams politicians, bureaucrats

Laugfs Holdings Chairman W.K.H. Wegapitiya, a top entrepreneur in the new breed of industrialists known not to mince their words, this week slammed certain bribe- and commission- seeking ministers, ruling party politicians and incompetent and unsuitable bureaucrats for pushing Sri Lanka to 101st position out of 178 countries in a global report on the worst place to do business.

Referring to this recent World Bank report, Wegapitiya disclosed that orthodox banking system, bureaucracy and incompetence, issues of taxation, and the island mentality were the main obstacles faced by Sri Lankan entrepreneurs. He said high bank interest rates and various taxes had created a very difficult business environment in Sri Lanka at present. However he said that it is not difficult to overcome these challenges if entrepreneurs think and work like Sri Lankans shedding their island mentality.

He urged Sri Lankans to think like lions to overcome challenges faced by them. Wegapitiya emphasized the need to move local business enterprises beyond traditional boundaries following ethical business practices, adding that businessmen should be shameful about themselves to win a government tender by giving bribes to top people. Laufgs Holdings has gained “multinational” status with their Australian $ 2 million investment in the auto gas conversions sector in Australia. The group has already expanded into 15 sectors with several other projects in the pipeline, he said. The annual turnover of the company exceeds Rs.12 billion and the work force is around 1,200 at present. Laugfs has invested Rs 800 million rupees to enter the international pneumatic tyre market shortly. The first product in the Sri Lanka-based company's pneumatic tyre portfolio was a Laugfs Colt, a small pneumatic tyre with flexible sidewalls designed and manufactured for three-wheelers. Wegapitiya told The Sunday Times FT that larger range pneumatic tyres for motorbikes, passenger vehicles and heavy-duty vehicles would be introduced by Laugfs soon. The company hopes to introduce this under the Palomino and Stallion brand names. Australia has been singled out as an initial export destination as Laugfs already has ties with the automotive lubricant market over there.