NATIONAL PERSPECTIVE
A matter of mindsets
Ramya Wickramasingha
In Sri Lanka today, corporates have a critical role to play as apart from helping in economic development, they are also responsible for uplifting certain sections of society and communities.
Ramya Wickramasingha asserts: “Most corporates of Sri Lankan origin are nation-minded. This is amplified by investing large sums of money in Sri Lanka. However, nation-mindedness should be developed further.”
And he reaffirms that nation-mindedness is a solution to unify diverse communities, be they divided by race, religion or wealth.
To this end, he asserts that “we must create tolerance, not hatred; and in return, we will be able to propagate patriotism. Through nation-mindedness, we should be in a position to manoeuvre our country towards prosperity as people of one nation.”
The time to harness the strength of all is now, he urges.
Wickramasingha firmly believes that nation-mindedness is a priority for business establishments: “Especially in the present context where we’re facing many difficulties due to the economic meltdown, we should all be under one umbrella and respect each other as one community.”
“This would also change the mindset for locally manufactured products. We should strive to improve the quality and standards of locally manufactured products, to be competitive and cater to international markets,” he adds.
At a time when there are import restrictions on many product categories, he feels “it is the duty of the local manufacturing community to come up with product solutions that cater to the needs of Sri Lankan customers.”
This in turn will create many market opportunities for industries, he notes.
What’s more, this sense of nation-mindedness can be translated into the day-to-day operations of an organisation by engaging in CSR initiatives that support the local communities within which it operates.
Wickramasingha maintains that everyday actions should make a positive impact on the lives of consumers and stakeholders by delivering the best quality to address their needs. He asserts that a company’s success is best measured by the value created for consumers through products and services.
Apart from building exports to earn valuable foreign exchange for the country, Wickramasingha suggests we can also support business partners across the entire value chain by sourcing locally and providing employment opportunities for more Sri Lankans.
McKinsey has identified eight pathways through which economic value from corporates flows to households and the economy. Five are directly measurable monetary flows: labour income, capital income, taxes, investment in capital assets and payments to suppliers. The money flowing through the supplier payment and investment pathways passes through other companies to reach households and the economy.
The sixth is consumer surplus (the difference between what consumers are prepared to pay – and pay) while the final two are negative and positive spillovers.
Going global may be another vehicle for demonstrating nation-mindedness.
The Asian Development Bank (ADB) notes that the country’s SMEs should “continue to align with new trends around global value chains such as expanding from manufacturing to the services sector, adopting environmentally and socially responsible practices, and introducing quality accounting and auditing standards for transparency.”
“While these transitions will also expose Sri Lanka’s SMEs to more fierce international competition, the ensuing level playing field in global markets will reward those with responsive business models,” it continues.
Wickramasingha is of the opinion that local organisations can balance the twin interests of being nation-minded and going global, and they must go hand in hand.
“To balance nation-mindedness and going global, we have to inculcate best practices – whether they’re national or global – and ensure the highest possible standards are maintained, to be competitive both locally and internationally, while retaining our Sri Lankan essence and values,” he concludes.
