Professional associations present plan to overcome crisis | Sunday Observer

Professional associations present plan to overcome crisis

8 May, 2022

A group of professional organisations, headed by the Chamber of Young Lankan Entrepreneurs (COYLE) have presented a 10-point plan to overcome the economic crisis.

The group headed COYLE, comprised the Chamber of Commerce and Industries of Yarlpanam, United Trade and Industry Association, Dehiwala, the Matara District Chamber of Commerce and Industry, Nugegoda Entrepreneurs and Professionals Alliance, Minuwangoda Trade Association, Lanka Business Ring, Nawalapitiya Traders Association, Entrepreneurs Lanka, Mahanuwara Sinhala Welanda Peramuna, Kiribathgoda Sinhala Merchant Association, Galle District Chamber of Commerce and Industries, Event Management Association, Sri Lanka, Lanka Confectionery Manufacturers Association, Kurunegala Sinhala Welanda Peramuna, All Ceylon Bakery Owners Association, Association of Container Transporters, Association of Clearing and Forwarding Agents, and the Federation of Chambers of Commerce and Industry of Sri Lanka, have put forward a 10-point action plan to overcome the crisis.

The plan was presented at an event recently.

The first point which was put forward was the need for immediate political and administrative stability. This would mean the reduction of the powers vested in the executive president and appointing professionals with relevant expertise and experience to the cabinet and other key positions.

The second point is addressing the immediate financial and essential goods crisis faced by the people while also supporting those engaged in activities that bring in foreign currency to the country.

The third point is adopting a ‘Sri Lanka First’ negotiation strategy for long-term debt restructuring by engaging with the sovereign bondholders as well as reaching out to international organisations such as the IMF and friendly countries.

The fourth point is the reduction of government expenditure and making government-owned entities efficient and self-sufficient. This would mean focusing on performance and output.

The fifth point is to bring about good governance by reforming the political structure.

The sixth point is to enhance industrialisation through an accelerated drive towards export-led real GDP growth. This would mean bringing about certain fiscal reforms while also bringing in a structure that encourages foreign direct investments (FDIs). The seventh point is the redefinition of policies to empower traditional and disruptive industries. This means the promotion of emerging technologies such as artificial intelligence, and utilising them in industries such as agriculture.

The eighth point is a proposed global campaign for promoting FDIs via Free Trade Agreements (FTAs). This campaign would promote Sri Lanka via targeted exhibitions and forums across the globe and capitalise on the potential return on investment.