SRI LANKA’S RESPONSE HAS BEEN SWIFT
Q: How do you view Sri Lanka’s COVID-19 response so far? What are the pros and cons?
A: The state – led by teams of medical officers, and supported by the military and police – has been quite proactive so far; and its ability to respond to the crisis has been both swift and timely. The manner in which the authorities have operated is truly commendable and their efforts have brought Sri Lanka to the forefront of the rankings of affected countries that are able to respond positively to COVID-19.
I do believe however, that the incidents at the airport where several foreigners were allowed to enter Sri Lanka without proper testing are of some concern. For every individual who goes without testing and evades state protocols, the lockdown is potentially extended – and the subsequent effect on the economy is made even worse.
Q: What is the outlook for jobs and employment in the medium term? And how should the authorities address the prospect of rising unemployment?
A: Sri Lanka has several underutilised and unexplored resources that are abundantly available. Land, manpower and skilled human capital, as well natural resources, are the determinants of an industrialised nation. At a time like this – when most businesses and countries have an opportunity to reset their economic and business strategies Sri Lanka should make the most of the opportunity and map its own path to come out of such negative times.
The Sri Lankan economy is riddled with several issues that don’t make sense. For example, being an island with several varieties of fish available, imported products like tinned fish from other countries are readily consumed. If we can take this opportunity to iron out such irregularities and re-strategise our approach to utilising the nation’s resources, Sri Lanka could soften the blow of COVID-19 and even turn things around.
Q: How do you see the ‘new normal’ for business panning out?
A: As business begins to visualise the post-COVID world, fresh direction and perspectives must be adopted by decisions makers, to effectively utilise unexplored natural and commercial resources in an ecologically sustainable manner. Sri Lanka is home to many talented students who are skilled in IT and software; and therefore, we should consider opportunities for software exports. This is just one of several positives.
Similarly, fresh opportunities in the tourism industry need to be explored and its growth must be accelerated to make use of the several hidden gems there are – e.g. tourist attractions that are unbeknownst to the world and simply waiting to be discovered. The COVID-19 crisis has brought all nations onto a level playing field so if businesses and leaders can think fast, Sri Lanka can emerge ahead of the curve.
ABOUT LMD’S A LISTERS
BOOST TO REAL ESTATE INVESTMENT
Q: What are your expectations of the business environment in the next 12 months or so? A: With the reduction in interest rates and increase in money circulation, people have a greater tendency to invest in real estate over the money market amidst the pandemic. We have seen similar patterns even in developed markets such…
EMERGENCE OF A NEW ECONOMY
Q: How did the pandemic necessitate a digital economy? A: Countries were not prepared for the COVID-19 pandemic’s impact on the economy and people, but it has resulted in the emergence of a new economy and way of life. It is technology, and the spirit of humans to survive and push past boundaries that have…
PRIORITISING CRUCIAL SECTORS
Q: What are your expectations of the business environment in the next 12 months or so? A: I believe that business is not likely to pick up until at least mid-next year for the hospitality sector. Business was nonexistent and as a measure to prevent exorbitant losses, we converted our hotel into a quarantine centre…
A POSITIVE AND FLEXIBLE PATHWAY
Q: Do you expect the national economy to pick up this year? A: If the third wave of the pandemic is brought under control as soon as possible, then we can expect the national economy to pick up towards the second half of the year. To ensure this happens, the vaccine must be sourced in…
RELIABLE PARTNERS IN A CRISIS
Q: In brief, what are the main challenges confronting corporates at this time? A: I think corporates today are besieged with a plethora of problems caused by the prevailing situation. First and foremost is the challenge in keeping their workers safe from COVID-19, and flowing from that is the inability to keep production cycles running…
IN A STATE OF DELEVERAGING
Q: How do you perceive the economic climate at present? A: I would like to really think about the state that the country’s economy is in. Our debt repayments are much higher than our income and this puts Sri Lanka in a state of deleveraging. This recently manifested itself in a 14.2 percent increase in…
EVER EVOLVING EXPECTATIONS
Q: What modern-day challenges do businesses face? A: Information overload – in the new world we live in, there’s never a lack of information. About 2.5 quintillion data bytes are added every day; more data is created in a single day than the combined amount generated over 99 percent of human history. Previous generations of…
EXPANDING CREDIT FACILITIES
Q: What is the bank’s corporate strategy for 2021/22? A: DFCC Bank’s 2021/22 plan is based on our five year strategy for 2020-2025 with the aim of making it one of the most customer centric and digitally enabled banks by 2025. Our lending plans will align with the government’s budget proposals to facilitate the growth…
REMAINING IN THE SPOTLIGHT
Q: What are Sri Lanka Tourism Development Authority’s (SLTDA) priorities for 2021/22? A: The global tourism industry will continue to experience a huge shift in the way of doing business. Our innovative bio-bubble concept launch in January was recognised at ITB Berlin. We hope this will boost traveller confidence. Therapeutic destinations and experiential travelling are…
