DELOITTE
A VISION FOR PARTICIPATING IN SRI LANKA’S REFORM PROCESS
Deloitte is among the largest professional services firms in the South Asian region and is gearing itself to play a part in Sri Lanka’s nation building endeavours. The firm says it is aligned with the government’s transformation vision and will explore opportunities in the digital economy to enhance the governance challenges that the country faces and contribute to the drive in making local businesses more competitive
With an emphasis on creating an enabling environment for the youth of our island nation, Deloitte lists the following priorities for nation building: a commitment to reform – to lay a sound foundation for progress; consistent policy – to boost investor confidence; economic diversification – to reduce sector dependence; robust infrastructure development – to ensure seamless business operations; prioritising education and skill development – to innovate; embracing digital transformation – for overall economic advancement; incorporating sustainable practices – to attract environmentally conscious investments; and ensuring effective governance.
The Chief Executive Officer – Deloitte South Asia Romal Shetty believes that this is ‘South Asia’s decade’ and three primary factors drive this sense of confidence.
He elaborates: “Firstly, the region boasts a demographic dividend with the world’s largest human capital and a young population. Secondly, there is an opportunity to transform the economies in the region – including force multiplying trade among South Asian countries. And finally, we can leverage technology to overcome challenges and help build organisations of the future.”
In the context of growth expectations, Shetty asserts that “Sri Lanka’s role in this transformative journey will be essential. As the country prepares to take the next big leap, it has the potential to become the talent magnet that not only serves local businesses but also contributes to large-scale global projects.”
“We’re bullish about Sri Lanka’s growth prospects. We want to be a positive force to support this process from both a private and government sector perspective. Our talented youth, together with the strategic adoption of technology, will lead to transformation and help Sri Lankan businesses and communities achieve their aspirations. This will also unlock a wealth of exciting new business opportunities in the region,” Shetty assures.
On the international front, he acknowledges that uncertainties exist due to geopolitical tensions; and in a globalised world, economies worldwide aren’t immune to these challenges, adding: “However, it is also true that the world is tilting towards Asia, more so South Asia; and it follows that every economy here has the opportunity to grow and succeed.”
So how does this fit into Deloitte’s broader regional and global strategies?
“The past few months and weeks have been among the most exciting moments for us at Deloitte South Asia, which witnessed one of the largest combinations in the history of professional services in the region. Our formidable presence in Sri Lanka and the Maldives now counts 28 partners and nearly 1,000 professionals,” he responds.
And the Chief Executive Officer – Deloitte South Asia explains that “our aim in Sri Lanka and across the South Asian region is to become the undisputed leader in professional services, distinguished by our quality, brand, wellbeing of our people and scale.”
“We anticipate our growth to be propelled by this combined strength coupled with the ongoing economic progress and transformation in the country. We foresee a fivefold expansion for Deloitte over the next five years in Sri Lanka,” Shetty says.
He adds: “We at Deloitte, in collaboration with the government, can work as a catalyst to accelerate the country’s economic resurgence; and our collective might, size, scale and expertise can help transform Sri Lankan companies into best in class businesses.”
Deloitte plans to leverage its global expertise and experience, to support and enhance the local business community and national economy.
Channa Manoharan is the recently appointed Country Managing Partner – Deloitte Sri Lanka and Maldives.
He alludes to the strategic goals his firm aims to achieve: “Our goal is to establish the same position of eminence in Sri Lanka and the Maldives that Deloitte has globally. Across all our service offerings, we want to create conversations and initiate new thoughts, and bring in solutions that will make a meaningful difference to the business community and our people.”
Manoharan is also highly optimistic about Sri Lanka’s economic prospects: “Our new policies must focus on maintaining competitiveness and embracing a robust reform process. The country must continue its efforts in education, labour, tax, ease of doing business and land reforms, aligning ourselves closely with other competitive economies in the region.”
“We encourage the private sector to assume a more assertive stance; it has to be bold in seizing opportunities arising from reforms, particularly in sectors like infrastructure, technology and renewable energy,” he urges.
Manoharan’s penchant for the tech sphere is well known. He believes that while technology can help businesses scale, it could also be a formidable tool to provide best in class government services to citizens – and to address challenges to governance.
He outlines his vision for Sri Lanka’s tech credentials: “We must invest in building digital public infrastructure, and promote digital transformation for transparency and accountability. And we must ensure that state institutions operate in an effective manner with a focus on high quality services to the citizenry.”
“A small nation such as ours is resilient enough to bounce back from any crisis if key policy frameworks are established and sustained. The restoration of stability following the economic crisis is evidence of that,” Manoharan elaborates.
We asked the Country Managing Partner – Deloitte Sri Lanka and Maldives to elaborate on an industry, a sector or an area that Deloitte intends to target in Sri Lanka, considering the local business landscape and windows of opportunity.
Manoharan responds: “Deloitte will be honoured to play a part in this growth story, and make a strong and meaningful contribution to the public and private sectors as we move forward as a nation. Our vision is to chart a course in Sri Lanka and the Maldives that will lead us to eminence in both markets. We want to lead the pack not only in the context of quality and depth of the services but in ideas that shake things up.”
And he sums up: “We will be actively creating and refining bold strategies, which can transform our country and its businesses. We’re partners working hand in hand to create an atmosphere that’s all about sustainable economic growth and a competitive business sector.”
The Deputy Country Managing Partner and COO – Deloitte Sri Lanka and Maldives Gerard David sees the firm’s strengths as “the multidisciplinary nature of the organisation and the services we offer clients.”
“While we’re committed to further strengthening our audit and assurance practice, and constantly improving quality, there are exciting opportunities in consulting, technology, financial advisory services and risk advisory, as well as tax advisory and compliance. Indeed, the recent combination has helped us grow in scale and further strengthen our capabilities,” he adds.
So what investments or initiatives does Deloitte have in mind for talent development and skill enhancement within the local workforce?
David affirms: “People are our biggest asset – and we are extremely proud of all our talented professionals. One of the remarkable features of our Sri Lankan talent is the impact they’ve had on the international stage. We must strive to replicate that success locally. And I believe that businesses have a role to play here.”
“In addition, substantial investments will be made by infusing technology in everything we do – in all our practices. This will help us become that first port of call for our clients with offerings across the spectrum of their needs – for example, investor confidence, business transformation and building businesses amongst others,” he notes.
David continues: “To facilitate this, we will focus on upskilling our professionals and enhance capabilities, while also trying to create energising experiences and opportunities for professionals in Sri Lanka and the Maldives – and thereby help them step onto the global stage. To this end, we will leverage the Deloitte skill sets available globally, and use our own talent to harness those skills and solutions from across the world to bring the best to local clients.”
He concludes: “To realise this vision, we will prioritise continuous learning for our professionals, enhancing their capabilities. Leveraging the global skill sets within Deloitte, we will tap into our own talent pool to provide cutting edge experiences, and harness diverse skills and solutions from around the world to deliver the very best to our local clients.”
