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Entrepreneurs urge export-led real GDP growth 

06 May 2022

  • Present 10-point action plan
  • Debt restructuring, govt. expenditure reduction among proposals
  A group of professional organisations, headed by the Chamber of Young Lankan Entrepreneurs (COYLE) and comprising several chambers across the island, urged the Government to enhance industrialisation through an accelerated drive towards export-led real gross domestic product (GDP) growth.  COYLE stated that this would mean bringing about certain fiscal reforms, while also bringing in a structure that encourages foreign direct investment (FDI). These statements were made during a recent event where COYLE and related chambers unveiled a 10-point action plan to overcome the current crisis, and this suggestion was among these 10 points. The first point put forward was the need for immediate political and administrative stability. This would mean the reduction of the powers vested in the Executive President, as well as appointing professionals with relevant expertise and experience to the Cabinet and other key positions. The second point is addressing the immediate financial and essential goods crisis faced by the people, while also supporting those engaged in activities that bring in foreign currency to the country.  The third point is adopting a “Sri Lanka-first” negotiation strategy for long-term debt restructuring by engaging with the sovereign bondholders, as well as reaching out to international organisations such as the International Monetary Fund (IMF) and friendly countries. The fourth point is the reduction of government expenditure, and making government-owned entities efficient and self-sufficient. This would mean focusing on performance and output. The fifth point is to bring about good governance by making the necessary reforms to the political structure. The seventh point is the redefinition of policies to empower traditional and disruptive industries. This means the promotion of emerging technologies such as artificial intelligence, and utilising them in industries such as agriculture.  The eighth point is a proposed global campaign for promoting FDI via Free Trade Agreements (FTAs). This campaign would promote Sri Lanka via targeted exhibitions and forums across the globe and capitalise on the potential return on investment. The ninth point is the need for effective communication and transparency with all stakeholders of the nation, including the public, to ensure accountability. This would mean adopting a framework that tracks and maintains a record of all activities carried out by the public sector, including public office bearers. The tenth point is capitalising on the Colombo Port City and integrating a model for a transformed Sri Lanka. This model would attract immediate FDI through the Port City, while simultaneously supporting exporters through this initiative. COYLE and the other organisations that put forward this plan stated that if these proposed points are implemented immediately and followed, they are confident that Sri Lanka can recover from the current crisis and be stronger than ever before in the future.  


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