LMD 100 Q&A

Q: How has Aitken Spence opened new frontiers to promote Sri Lanka as a business hub and raised the benchmark to maintain its rich legacy?

A: Aitken Spence has expanded its business presence in 10 countries; and through those different biz ventures, we have given Sri Lanka a platform to promote its business expertise – be it in hospitality, destination management or port management services.

These new frontiers have given us an opportunity to promote our diversity and sustainability principles in business operations in Sri Lanka, whilst establishing and strengthening partnerships with some of the most renowned global brands.

With a vision to achieve excellence – not only in Sri Lanka but across new frontiers – the Aitken Spence Group remains committed to its goal of becoming a competitive and sustainable global market leader in its operating sectors.

To achieve this, the group has joined hands with global market leaders, forming mutually beneficial alliances that have lasted decades. We believe this is a compelling story in our rich history spanning over 150 years.

Q: What is your assessment of Sri Lanka’s resilience and recovery, given the multiple (economic, social and political) crises the nation has faced in recent times?

A: Sri Lanka is a resilient nation; and having been through unprecedented challenges, we see recovery signs – although gradual – and still have much to achieve on our road to recovery and transformation.

A critical area we must address is the need to improve good governance through betterment in terms of tax policies and labour law reforms, and consistency in policy that will boost the country’s competitiveness.

Moreover, we need to focus more on sustainable development with attention to mitigating natural disasters and the effects of climate change that impact the health and wellbeing of communities.

Q: In your opinion, what are the burning issues facing the country as it heads into 2024?

A: Sri Lanka secured a staff level agreement with the IMF. However, it doesn’t mean we are out of the woods. To ensure we don’t fall behind in achieving our revenue targets – and raising government revenue to 12 percent of GDP by 2024 – is one of the most pressing concerns for Sri Lanka.

Other areas include restoration of public debt sustainability, a multi-pronged strategy to restore price stability and rebuild reserves, consistent policies to safeguard financial sector stability, and structural reforms to address corruption vulnerabilities and enhance growth.

Leveraging on technology and driving innovation in every sphere of business are other crucial elements in reviving the economy of Sri Lanka.

Q: Could you outline the impact of the brain drain on Sri Lankan businesses?

A: The primary and readily noticeable consequence of the brain drain in Sri Lanka is the depletion of valuable human capital. If this continues in the long term, it will further deter the growth of the economy.

When skilled professionals, entrepreneurs and the ‘next generations’ leave the country, they not only carry away acquired knowledge and skills funded by the Sri Lankan government but also their ability to spearhead innovation essential for fuelling economic growth.

Q: How should local businesses plan to retain talent – especially in view of the brain drain? 

A: With the increasing brain drain, it’s more crucial to invest in one’s employees and our youth particularly, to ensure that we create talent pools with the right skills to build a more resilient economy.

In addition to the monetary benefits, employees need to feel a sense of value and belonging, and know that their work makes a meaningful contribution to a larger purpose in the workplace and communities alike. This socio-psychological need became more prominent in the aftermath of the post-pandemic work culture.

We are a multigenerational and multicultural organisation, and the diversity of our business operations across other regions means that we can provide opportunities and cross exposure – both across several industries and overseas.

Overall, local businesses should strategically invest in research and skills development, inculcate a culture of innovation and entrepreneurship, and adapt digital transformation in a way that’s both accessible and practical to their respective business operations on ground.

Telephone: 2308308 | Email: info@aitkenspence.lk | Website: www.aitkenspence.com