Financial Times

Policy changes unlikely in new govt. - PM
By K. Kenthiran
Prime Minister Mahinda Rajapakse, also the ruling party presidential candidate, told business leaders last week that a change of government wouldn’t result in a change of policy where the business sector is concerned.
“We must respect the fact that good business practice requires planning on a long term time horizon. The government policies should support this,” he said speaking at the Business Today top 10 awards ceremony held in Colombo.
The winners were Distilleries Company of Sri Lanka (first place), John Keells Holdings (second), Sri Lanka Telecom, HNB, Commercial Bank, Ceylon Tobacco Company, Aitken Spence and Co, Hayleys, DFCC and Carson Cumberbatch and Co.

Excerpts of his speech:
“What our country needs is a new approach; a new beginning. All sectors of our society are sick and tired of theories and verbose statements: sick of seeing the vision statements of our leaders, which have been largely confined to words, and words alone. Like you, the captains of business, I too am impatient with words. And like you, the captains of business, I too want action first, action second, and action all the way. Take the corporate sector as an example. Every successive government has gone on repeating that over-used mantra, The Private Sector is the Engine of Growth, and quietly abdicated much of the government's own responsibility for enabling economic growth in our country.

Growth should be a joint effort of the government and the private sector. In this partnership, the role of the government should be to create an enabling environment for commercial growth. But what is the ground reality? Government policies that are friendly towards the private sector are often found to be in place. But public sector institutions on the one side, and the country's public service on the other, have not been reformed or re-structured to facilitate the implementation of the private sector-friendly policies of the government. You know this better than me. Instead of enjoying the facility of an enabling environment, the private sector is still hemmed in, to a large extent, by an environment that is restrictive and frustrating. This must be transformed. And to achieve this objective, you - the captains of business - must guide me.

A change of government should not result in a change of policy where the business sector is concerned. We must respect the fact that good business practice requires planning on a long term time horizon.

While we congratulate you, the top 10 business champions of 2004, on the awards that you have won, let us also remind you that with your achievement you also undertake certain responsibilities for your country. We endorse you today, as the country's unofficial ambassadors to the outside world of business. You represent the business potential of our country. To the outside world, you represent what a business can achieve in the Sri Lankan business environment. You are a proxy for our country's business environment. Other investors, both foreign and local, will be convinced that if you can achieve success in the way you have, they too can succeed if they invest in our country.”

Rienzi proposes awards for 10 ministers
Rienzi Wijetilake, HNB chairman, in his acceptance speech, suggested that Business Today magazine should consider selecting the best 10 ministers or ministries in this country. “We require returns from our ministers and ministries. I think the minister and the ministries have a duty to show us some return,” he said adding that the smaller the cabinet, the easier it is for evaluation and selection. He said through this selection process, the country will be aware of the ministers who contribute to the national income, employment, income generation and reducing corruption in this country.

Back to Business