By Shabiya Ali Ahlam
Hoping for better times, greater prosperity, and further developments, Sri Lanka enters the New Year with a lot of plans.
While we are yet to find out how majority of these plans will turn out and be implemented, the business community, at large, is rather optimistic with what 2016 has to offer.
Enthusiastic about the future and looking forward to an eventful year, top private sector heads yesterday shared with Mirror Business their expectations and wish list for 2016.
National Development Bank (NDB) Director/CEO Rajendra Theagarajah
Following the 1.5 percent hike in statutory Reserve Ratio (SRR) maintained by Commercial Banks from 6 percent to 7.5 percent, the Central Bank has sent a clear signal of further tightening in monetary policy.
This would mean the further mopping up of domestic liquidity in the banking system and also an attempt to curtail rising demand-led inflation. This is expected to give breathing space to the US dollar-rupee exchange rate.
As to the wish list, it is on four areas: We expect improved coordination between the Central Bank and Finance Ministry to ensure that fiscal measures and monetary policy management collectively supports national economic stability.
Revenue collection will continue to be key in achieving the 2016 Budget forecast. Hence, close monitoring of revenue collection initiatives and regular communication with the public, of the impact of such measures, will improve public confidence in fiscal responsibility.
The flagship project as far as foreign direct investment (FDI) opportunity for the government is expected to be the Western Megapolis development. Regular communication about this development master plan and how private sector can plug into this through private public partnerships (PPP) will also be welcomed by the private sector.
Key to economic growth would be a combination of moderation in external debt, improved diversification of exports, and increased contribution from FDIs. In order for this to be achieved, we expect a close coordinated effort between Ministries overlooking policy planning, finance, state owned enterprise management and trade/ strategic investments, which will form the four pillars of such a coordinated effort.
The key deliverable for 2016 would be execution of what was spelt out as economic policy reforms in 2015. Placing the right people in the right places with the necessary empowerment would be centre to the success of implementation.
Expolanka Group CEO Hanif Yusoof
My first and foremost wish is for peace and harmony amongst all communities.
Our expectation is for the continuation of good governance efforts, ability and consistencies in policies. Our wish for the industry is for the true blossoming of the maritime and the commercial hub. Much has been done for the latter but the issue is that the policies have not being very consistent. So we hope for more work in that area.
The Budget was certainly friendly for our line of business, so we are looking forward to a vibrant 2016.
Hemas Holdings PLC Chairman Husein Esufally
First of all I wish it will be a good year, one that brings prosperity for all the people in Sri Lanka. After having a year where democratic principles and values have been strengthened, I certainly wish for a year where there will be faster pace of development and economic growth, which is the only way we will see a sustained improvement in the lives of all Sri Lankans.
Being a local company we stand ready to invest in the nation’s growth, but it will be great to see more engagement from government where more local companies will be allowed to participate in the country’s development.
While they are on the lookout for FDIs, it will be good for the government to acknowledge that local entities like us are more than ready to participate in Sri Lanka’s growth story and for that we would like to see some sort of special accommodation to those who have really supported and played an important role in the economy.
Jetwing Hotels Chairman Hiran Cooray
First and foremost my wish is for this world to be a better place and a more peaceful one. We hope this unwanted killing would stop, that is our hope and prayer so we all can live in peace. It is shocking to see the loss of so many lives due to the unwanted wars that is taking place globally.
From a business point of view we hope Sri Lanka tourism will go from strength to strength and I hope the destination marketing and promotional program will kick off in 2016.
Jetwing will continue on its ambitious plan to open its first hotel in Jaffna which will happen in early January. We will also be opening our first hotel in Colombo in the middle of the 2016. Coming up is also our hotel in Dambulla.
We have quite a lot of work to do in 2016 and we are looking forward to it.
CIC Holdings Managing Director/CEO Samantha Ranatunga
My wish list is of three, economic stability, more robust reconciliation process, and a cohesive government that will walk together for the development of the nation.
If we have these three elements the business environment will follow. If we get people to think in a likeminded manner and have a framework that is trustworthy, then the private sector will participate.
We were previously excluded from investment. If there is a trust framework created, and people wanting to work cohesively, the private sector will have an enabling environment to move forward.
Janashakthi Insurance Managing Director Prakash Schaffter
Our expectation for 2016 is for it to be much better than 2015. Hopefully we will see a stable government and stable policies. We certainly are optimistic.
For Janashakthi we hope to become number one in the general insurance market. We are consolidating our business with AIA and customers can continue to expect better and better service. We continue to strive to deliver quality service to our customers. Having introduced new initiatives in 2015, we are looking at new areas of customer focus next year.
Lion Brewery (Ceylon) PLC CEO/Director Suresh Shah
Firstly, I would like to see the whole reconciliation process moving forward quickly in a positive manner.
With regard to the economic reforms for the country, I hope the government has the courage to go through with them.
I hope the economy in general would pick up pace. It is quite slow at the moment so I hope there will be more confidence to encourage not just FDIs, but local private sector as well.
It will be good to see the constitutional reform process going through next year so that we have a more balanced constitution between the executive parliament and the judiciary, ensuring a good balance.
From a company perspective I hope Sri Lanka has a composed alcohol policy which finds good balance, having on one hand health and productivity of the nation, and revenue to government on the other side. So you have to find the right balance for the country, in its current position the balance has to be between these two.
Shippers’ Academy Colombo CEO Rohan Masakorala
I would like to see emphasis on four key areas in 2016.
The first is to develop the export strategy fast and lay out a plan for greater market access to USA and the EU.
The second is to position right people to the right job to so that we can successfully achieve implement policies and conceptualise development strategy.
A greater reform agenda is also imperative to avoid a balance of payment crisis. This is key.
Finally I wish for the full automation of all state services which would expedite processes.
John Keells Holdings (JKH) Deputy Chairman Ajit Gunewardene
Let’s look forward to the new-year as another chance to get it right. Let’s put all our shoulders to the wheel and make it happen.
Singer Group CEO Asoka Pieris
For the medium term, Sri Lanka has great prospects. However, there are few difficulties such as the budget deficit, possible exchange rate increases which the government might have to address.
While we go on this medium term journey, the government has to navigate carefully on these short term problems. They also must ensure the budget deficit is reduced and the adjustments to the economy are made gently and not in a dramatic manner.
From a business perspective, we had a good year. Even though the financial year is not over, we have done exceptionally well. For 2016 we would expect to grow on top of it in all our segments.
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