Private sector needs consistent policies to take risks | Daily News

Private sector needs consistent policies to take risks

‘Govt should take measures to source raw material locally’
Chairman CCC Vish Govindasamy addressing the event. Picture by Saliya Ruapsisinghe
Chairman CCC Vish Govindasamy addressing the event. Picture by Saliya Ruapsisinghe

The biggest support the government can give to the private sector is to give them confidence and this can be done by spelling out consistent policies and marinating them, said Chairman of Ceylon Chamber of Commerce, Commerce, (CCC) Vish Govindasamy.

He made these observations at the CA Sri Lanka organized CEOs Forum on Friday at Shangri La Hotel.

He was also responding to an earlier statement at the same event made by Minister Cabraal who said that the business sector too should take risks and invest. (See story opposite)

Over the years whenever a government changes policies too change. Goviddasamy said that what the business sector wants is long term ‘serious’ polies so that the business sector too can take risks and invest.

The Chamber boss said that Sri Lanka has been traditionally relying on tea, apparels, foreign remittances and apparel and tourism to bring in foreign exchange but most of these areas are now partly paralyzed due to the COVID-19 Pandemic except the tea industry.

The CCC head said that the government must promote new export products and services and create diversity in exports.

One of the other issues faced by manufacturers was the lack of raw materials during the C-19 pandemic. He also said that the government must woo large manufacturers to set up factories in Sri Lanka so that the raw material base could be sourced locally. “If the government gives the necessary confidence for these kinds of investors they could invest in Sri Lanka.”

The forum also featured speakers and panelists including Prof W. D. Lakshman, Governor of the Central Bank, Dr Nishan de Mel, Executive Director of Verité Research and Maninda Wickramasinghe, Managing Director of Fitch Rating.


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