PM delivers harsh wake-up call to private sector

2017-09-12 10:58:48

The private sector yesterday received a rather harsh wake-up call from Prime Minster Ranil Wickremesinghe, where he asserted the need for the private sector to pick up pace in supporting the national economy to reach the country’s ambitious economic goals.  

Keeping in mind the expiry date of the unity government, which will reach its full term in three years from now, Wickremesinghe stressed that it is imperative the private sector get its act together within that period.

“We have a lot more to do in reaching our economic goals and for that, you (private sector) need to leverage on the opportunities created by the government. Understand that in the next three years, for the country to achieve its growth, we want you all to expand,” Wickremesinghe told the private sector leaders last evening as he addressed CIMA Business Leaders’ Summit 2017 in Colombo.

It was pointed out that the need of the hour in fulfilling the government’s aspirations are – the need to unleashing the potential of local entrepreneurs, encouraging private FDI, capitalizing on GSP Plus, maximizing the use of the new ease of doing business law and facilitating investments. 

Referring to these measures as the “nuts and bolts” of the envisaged plans, Wickremesinghe asserted it is time for the private sector to change gear.“If we don’t do this now, we will be nowhere. Understand the advantages before you and go by the comparative advantages. The future depends on technology and innovation. The world is fast changing and in that where we stand we need to question,” he opined.

Wickremesinghe also took a jab at the previous regime by highlighting its “failure” in bringing sustained stability.

Noting that the country suffered from “misappropriation” during the previous regime that hampered growth and development, Wickremesinghe sang praises to the current government’s initiatives in bringing in the “stability” factor.

While pointing out that the progress achieved since the inheritance of a struggling economy, Wickremesinghe said: “The government can create the environment but it is up to you all to decide how to use it. We must understand that the economy is central to everything we do.”It was warned that if the created opportunities were not exploited, soon Bangladesh would surpass Sri Lanka in terms of GDP per capita, as in the case of Pakistan. “This is the last chance we have,” he stressed.

“You need to realize that innovation and technology is imperative and that is what matters.” Reiterating the need for greater collaboration between the public and private sectors, he pointed out Sri Lanka is presented with a “wonderful opportunity” since it has a national government—having the two main political parties on one page.“Political and economic stability is important but both alone is insufficient if we don’t have enterprises. We are changing the business landscape. All I can tell you is we are doing our best, you do your best and the country will reach its best,” said Wickremesinghe concluding his remarks. (Shabiya Ali Ahlam)

  Comments - 16

  • sam Tuesday, 12 September 2017 11:24

    We need more private sector companies like Perpetual Treasuries under your government sir.

    Reply : 15       80

    sss Tuesday, 12 September 2017 15:09

    where people can get mega rich overnight with the blessings of the prime minister

    Reply : 12       20

    Bushel Tuesday, 12 September 2017 15:20

    Exactly. Pm can appoint Arjun Mahendra to take charge of private sector

    Reply : 10       19

    Hemaka Tuesday, 12 September 2017 11:33

    I think Mr Wickramasingha is now feeling the pressure.He has suddenly realised its not far away from reality of failier. It's really the state policy which is hamperd by gov. Policy and approach needs to Change. Permanent policies are needed for the countries development on all counts.

    Reply : 4       50

    BBM Tuesday, 12 September 2017 12:38

    Clean own backyard and preach. How can a fatty contradictory cabinet playing on digital gadgets during meetings help achieve even marginal targets and increase efficiency in both sectors?

    Reply : 4       39

    Shelly. Tuesday, 12 September 2017 12:51

    Speak up Private Sector. via DM Android App

    Reply : 1       23

    Siva Tuesday, 12 September 2017 13:11

    We don't need a wake-up call. If we were not awake we would starve, unlike the govt which survives by taxing the people and printing money.

    Reply : 4       44

    Meeting Tuesday, 12 September 2017 13:55

    Wake up or Speak up not really Ranil's wordings but how the header summerizes. We actually survives thanks to divine providence.

    Reply : 1       11

    suresh Tuesday, 12 September 2017 12:52

    What abt the govt sector sir? Takes ages to do a small thing from govt offices

    Reply : 1       45

    concern Tuesday, 12 September 2017 18:32

    ExactlyFirst make the government efficient and productive.

    Reply : 0       15

    druvi Tuesday, 12 September 2017 14:10

    How can the SME sector even get off the ground when the govt.charges Rs.700,000/- on a small lorry/truck which most SME would love have for their businesses.

    Reply : 1       11

    Rasputin Tuesday, 12 September 2017 14:36

    You have to be bold to make such a speech despite your own government's failings. There is no point in you speaking about the past regime because we know their failures and that is why we voted you in.Just get your act together!!!!!

    Reply : 2       18

    Anja Tuesday, 12 September 2017 14:52

    Perpetual Treasury kind of companies via DM Android App

    Reply : 3       11

    Rasheed Tuesday, 12 September 2017 15:48

    All failures, now he realises that he cannot keep blaming the earlier govt,

    Reply : 0       15

    Inflation Tuesday, 12 September 2017 16:08

    Due to high inflation, Investors will be reluctant to invest.

    Reply : 1       14

    Kavishka Wednesday, 13 September 2017 20:48

    “The government can create the environment but it is up to you all to decide how to use it." Someone should tell the PM that's not how the free market operates. If there WAS an "environment" for growth in the private sector, they would be acting anyway to expand businesses. What is he thinking? That they are just waiting for an invitation on a red carpet to make profits? lol a joke this government is. Whatever said, the other government achieved unprecedented economic growth, you can't argue about that fact, you can argue at what cost it was.

    Reply : 0       0

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