Investments would start to pour in after election: London Mayor

20 May 2015 04:08 am - 0 - {{hitsCtrl.values.hits}}

A A A

By Chandeepa Wettasinghe

The Lord Mayor of London expressed that Sri Lanka is coming out of a dark spot, and following the next election, investments would start to pour into the country.
“Sri Lanka really is in a wonderful position. In the recent election the democratic process worked. That is an extraordinarily good signal to the rest of the world that Sri Lanka is coming out of an appearance of a slumber,” Alan Yarrow said at the CEOs’ Breakfast Forum organized by the Institute of Chartered Accountants.
As reported by MirrorBusiness yesterday, Yarrow reiterated the importance of the upcoming elections, rule of law and dispute resolution processes which have been thrust into the spotlight.
However, the current regime has come under fire for selectively enforcing justice.
Yarrow also asked that people do not set high expectations on new governments.
“One of the biggest worries I would caution you on is expectation and delivery. Expectations can run way ahead of what they can deliver, so make sure your expectation is kept under control,” Yarrow warned.
He said that improvement of bureaucratic processes would also lead to the ability to deliver on expectations.
Unfortunately in Sri Lanka, following a change in government, all top bureaucratic positions are vacated and installed with those approved by the new regime.
Policy Planning and Economic Affairs Deputy Minister Dr. Harsha de Silva was of the opinion that the new regime had to follow the same example in the short run to curb corruption while Highways and Investment Promotions Deputy Minister Eran Wickremaratne recently expressed his disappointment over having to follow such practices.
However, some cabinet ministers who have been constantly stressing the need to eliminate corruption have gone around appointing their beneficiaries into bureaucratic and managerial positions of state-controlled entities.
These methods are not followed by advanced economies in the world, where bureaucrats, through apolitically proven expertise, are able to drive countries forward economically even in the absence of ethical or well functioning governments.
Meanwhile, Yarrow said that improving on these areas, as well as predictability of taxes and good regulatory framework would lead to British and other foreign investors coming into Sri Lanka following the elections, especially into the financial and hospitality sector.
“Still got the next election, but the direction of travel is the right direction. So, I think people will use that as a measure of putting money into Sri Lanka,” he added.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Investments would start to pour in after election: London Mayor

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

New Visa procedure implemented

Street food vendor arrested for verbally harassing foreigner

Racing event tragedy leaves seven dead including eight-year-old child

Two racing drivers arrested over Fox Hill tragedy

Sri Lankan among NASA’s new crew for next simulated Mars journey

Former MP Palitha Thewarapperuma dies from electrocution

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

SL took minimal steps to punish officials who committed human rights abuses: US report

Iranian President’s visit Sri Lanka withstands western pressure

25 tons of solid waste disposed along Sri Pada route

Temperature rises to ‘Caution’ level

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident

Indian cricket manager indicted for Legend Cricket League match-fixing allegations