Corrupt-free country will draw more foreign investors
As the new government took office last Monday with just three cabinet members, one of the critical policies that a lot of industry chambers kept reiterating the government, is a corruption-free country. Whether it is importing or exporting of goods and services, or getting a job done at government institutions, there is plenty of corruption and bribery that is involved from its grass-root level.
This was among the issues discussed last Tuesday at the Sunday Times Business Club (STBC)-organised event titled ‘Dissecting Sri Lanka’s future’ at the Shangri-La hotel in Colombo, just after the Presidential Poll that concluded last weekend. Shangri-La and NDB are the sponsors of the STBC.
Audience at the event. Pic by M.A. Pushpa Kumara.
Panellists at the event were eminent Economist Prof. Sirimal Abeyratne and National Chamber of Exporters of Sri Lanka President Jayantha Karunaratne.
From an exporters point of view Mr. Karunaratne stated that the chamber has urged the President to minimise corruption in the system. “Ending corruption in Sri Lanka is a very costly action and takes a lot of time as well. On the other hand, only a corrupt-free country can draw the attention of foreign investors into Sri Lanka,” noted Mr. Karunaratne.
He also mentioned that the chamber has outlined 12 proposals to the President Anura Kumara Dissanayake (before he was elected) aiming to address some of the critical constraints that put Sri Lanka at a competitive disadvantage compared to its regional competitors.
The proposals are fast-track implementation of critical trade facilitation measures, fast-track automation of all key border agencies and connect them to the national single window, maintain the simplified value added tax (SVAT) system until a robust and functional VAT refund mechanism is in place, improve access to suitable land for investors by establishing high-quality investment zones, establish eco-industrial parks in Sri Lanka, fast-track accession to the Madrid protocol to increase the efficiency and affordability of registering trademarks abroad, enhance the effectiveness of services provided by commercial diplomats and trade promotion agencies of Sri Lanka, enhance access to labour by removing barriers to female labour force participation, provide opportunities for the private sector to comment on proposed draft policies and laws that impact private sector operations, enable quick resolution of operational level issues faced by exporters, among other issues.
Meanwhile Prof. Sirimal Abeyratne highlighted that a lot has been achieved by the sacrifices of the people of Sri Lanka in terms of gaining stability and sustainability. “In the coming years
Sri Lanka has to restructure its domestic debt and do a debt sustainability analysis. Reforms on export oriented laws and reforms on a corruption-free country have to be implemented,” stressed Prof. Abeyratne.
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