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Interview

Ashok Pathirage, Chairman, Asiri Group of Hospitals: Interview
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Interview:Ashok Pathirage Which areas hold the best opportunities for private hospitals and clinics in Sri Lanka? ASHOK PATHIRAGE: Several opportunities exist for the private sector, particularly in insurance, where penetration rates remain especially low. Per capita incomes are rising in Sri Lanka and are set to reach $4000 by 2016. That said, insurance is a very capital-intensive business,…
Interview

John Wilson, Managing Proprietor, John Wilson Partners: Interview
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Interview:John Wilson How has rule of law evolved in Sri Lanka? JOHN WILSON: I think it is fair to say that we in Sri Lanka, for all our laws, regulations and our constitution, have seen a serious decline of the rule of law. Successive governments have not understood that a country with strong institutions and a strong judiciary is an attractive investment destination. No serious and reputable…
Viewpoint

Prime Minister Ranil Wickremesinghe, on third-generation economic reform: Viewpoint
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When we came to power, on the 8th of January 2015, Sri Lanka was caught in a tremendous and dangerous international quagmire. This was the result of a lack of foresight by the previous government. At Sri Lanka’s request, the recommendations made in the UN Human Rights Council had not been implemented and the danger of sanctions was looming over us. But that has changed – as a result of our efforts…
Viewpoint

Patali Champika Ranawaka, Minister of Megapolis and Western Region Development, on transforming Colombo: Viewpoint
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The very proposition of making Colombo a globally competitive city has come to be viewed from a broader perspective, including the entire western province centred around Colombo. This approach was born out of the need to consider not just economic prosperity, but also social justice and environmental sustainability. On the economic front, Sri Lanka’s long stagnation in the lower-middle-income territory…
Viewpoint

Sujeewa Rajapakse, Managing Partner, BDO Partners, on the tax system in Sri Lanka: Viewpoint
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Taxation is an important economic tool for any government, but in Sri Lanka we have seen that the tax system is not earning the necessary revenue for the country. Ideally, as income increases, the corresponding tax revenues should also increase (though the rate of increase will decline over time). This, however, is not happening in Sri Lanka: for example, per capita income increased from $720 in 1995…
Analysis

Mutually beneficial: The country is working on several trade agreements

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With several free trade agreements (FTAs) in place, Sri Lanka is exploring options for new trade deals and seeking to upgrade at least one existing one. It is also working together with international groupings and is seeking to regain preferential status with the EU. In part, this trend is the result of the change in government and the return to more balanced relationships, while it is also…
Analysis

Opening the door: Opportunities abound as the government seeks a significant rise in foreign direct investment

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The election of President Maithripala Sirisena in January 2015 signified an historic shift in Sri Lanka’s trajectory. With the former administration having often been accused of nepotism and political appointments to key roles, the team of the prime minister, Ranil Wickremesinghe, has signalled a move towards liberalisation, transparency and more merit-based leadership. Challenges remain…
Analysis

Time for reform: Adding value to goods would help narrow the trade deficit

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An ideal entrepôt and with productive agricultural lands, Sri Lanka has nonetheless experienced persistent trade deficits that have had a significant impact on the currency and the economy. A number of options have been suggested in recent years. One solution is to retain additional value in-country by encouraging more domestic value-adding activities and processing. The government wants Sri…
Analysis

Sri Lankan government moves to service its debts to increase investment attractiveness

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Sri Lanka’s debt picture is decidedly mixed. In some ways, the country has been greatly successful in managing its international exposures. Government obligations have fallen significantly, from over 100% of GDP in 2004 to about 74% in 2015. As the civil war ended, defence spending decreased, and this opened up previously committed resources for covering the budget and paying down debt. Yet at the…
Analysis

Overseas remittances and tourism keep capital circulating in Sri Lanka

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Worker remittances have been growing over time and now play an important role in the country’s international capital flows. They surpassed $7bn in 2014, up from about $2bn in 2006. Despite levelling off in early 2015, they then reached $8.2bn in 2015, which remains a large portfolio for a $75bn economy. Historically, workers’ remittances have been essential for the stability of the economy. They…