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Prez: Cumbersome investment laws to be revised to make country attractive to investors
Laws introduced under the Greater Colombo Economic Commission (GCEC) would be revised to replace the existing laws to encourage foreign investment, President Ranil Wickremesinghe said on Thursday at the Mireka Tower Opening Ceremony, at Havelock City.The President said that he had already appointed a committee to bring the Board of Investment (BOI), the Export Development Board (EDB) and the Sri Lanka Export Credit Insurance Corporation (SLECIC) together and establish one investment promotion agency to encourage foreign investment.Sri Lanka needed to be made an investor-friendly country to attract investments, to get out of the vicious cycle of foreign borrowing.
“We must become an export-oriented economy, and we have to keep increasing our foreign investments. Now, if we are to keep attracting foreign investments, we must have an outward-looking economy. So, now as the economic stabilization is taking place, and the discussions are on among Japan, China and India, about the main creditors, on how to restructure the debt, we are also looking at how we can now revive growth,” he said.One of the biggest issues the country has is the number of government agencies that investors have to pass through.
“You go through BOI, Tourist Board, or some other ministry, then you go to Port City and then you come back to where you started. Then you do a second round. After about ten years, you can get the investment through. This just won’t work. When we came in 1977, we started the Greater Colombo Economic Commission (GCEC). There, the decisions were taken quickly and really in ten years, we got four zones going that is Katunayake, Biyagama, Koggala and Seethawaka. Then there was Pallekele which President Wijethunga wanted. Thereafter, what are the big investment zones that we have started?” he asked. Wickremesinghe said he appointed a committee which is now looking at streamlining investment authorization.
“What this committee is recommending and working on is that the BOI the EDB and Sri Lanka Export Credit Insurance Corporation (SLECIC) are brought together as one investment promotion agency. Secondly, the industrial estates and investment zones will be broken off. I think Katunayake and Biyagama are the best zones in South Asia. We are now looking at thousand-acre zones and initiating them from Bingiriya, then Hambantota and Trincomalee. A separate corporation will handle these,” he said.The President said that a number of professionals are leaving the country. It is impossible for the government to stop that.
“We must train more people. We are modernizing the education system. So that’s what we are working on while we are looking at stabilization measures which we are working on with the IMF. Another area of interest is going to be modernized agriculture. There’s so much land available. I thought I’d share with you what we are now working on because by the end of the year will be able to announce many of the measures that will be implemented by early next year to get the legislation enacted,” he said.
The U.S. Embassy in Colombo welcomed the U.S. Sports Envoys to Sri Lanka, former National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) players Stephen Howard and Astou Ndiaye, from June 8 through 14.
The Public Diplomacy section of the U.S. Embassy said that it would launch a weeklong basketball program intended to harness the unifying power of sports, made possible through collaboration with Foundation of Goodness and IImpact Hoop Lab.
While in Sri Lanka, Howard and Ndiaye, both retired professional basketball players, will conduct a weeklong program, Hoops for Hope: Bridging Borders through Basketball. The Sports Envoys will lead basketball clinics and exhibition matches and engage in leadership sessions in Colombo and Southern Province for youth aged 14-18 from Northern, Uva, Eastern and Western Provinces, offering skills and leadership training both on and off the court. The U.S. Envoys will also share their expertise with the Sri Lanka Basketball Federation, national coaches, and players, furthering the development of basketball in the country. Beyond the clinics, they will collaborate with Sri Lankan schoolchildren to take part in a community service project in the Colombo area.
“We are so proud to welcome Stephen and Astou as our Sports Envoys to Sri Lanka, to build on the strong people-to-people connections between the United States and Sri Lanka,” said U.S. Ambassador Julie Chung. “The lessons that will be shared by our Sports Envoys – communication, teamwork, resilience, inclusion, and conflict resolution – are essential for leadership development, community building, equality, and peace. The U.S. Sports Envoy program is a testament to our belief that sports can be a powerful tool in promoting peace and unity.”
SJB Colombo District MP Mujibur Rahuman in parliament demanded to know from the government the reasons for CEB suspending the leave of all its employees until further notice from Thursday.
MP Rahuman said that the CEB has got an acting General Manager anew and the latter yesterday morning issued a circular suspending leave of all CEB employees with immediate effect until further notice.
“We demand that Minister Kanchana Wijesekera should explain this to the House. This circular was issued while this debate on the new Electricity Amendment Bill was pending. There are many who oppose this Bill. The Minister must tell parliament the reason for the urge to cancel the leave of CEB employees,” the MP said.However, Speaker Mahinda Yapa Abeywardena prevented Minister Wijesekera responding to the query and said that the matter raised by MP Rahuman was not relevant.
The Chartered Institute of Personnel Management (CIPM) successfully concluded the 8th Annual CIPM Symposium, which took place on 31st May 2024. Themed “Nurturing the Human Element—Redefining HRM in a Rapidly Changing World,” the symposium underscored the pivotal role of human resource management (HRM) in today’s dynamic global landscape. Since its inception in 1959, CIPM has been dedicated to advancing the HR profession through education, professional development, and advocacy, solidifying its position as Sri Lanka’s leading professional body for HRM.
Ken Vijayakumar, the President of the CIPM, graced the occasion as the chief guest. The symposium commenced with the welcome address by the Chairperson, Prof. Arosha Adikaram, followed by the Web Launch of the Symposium Proceedings and Abstract Book by the CIPM President. The event featured distinguished addresses, including a speech by Chief Guest Ken Vijayakumar, President of CIPM, and an address by Guest of Honor Shakthi Ranatunga, Chief Operating Officer of MAS Holdings Pvt. Ltd., Sri Lanka.
The symposium also featured an inspiring keynote address by Prof. Mario Fernando, Professor of Management and Director of the Centre for Cross Cultural Management (CCCM) at the University of Wollongong, Australia.
Vote of Thanks of the inauguration session was delivered by Dr. Dillanjani Weeratunga, Symposium Co-chair.
The symposium served as a comprehensive platform for researchers to present their findings across a wide range of critical topics in HRM. These included Cultural Diversity and Inclusion, Talent Development and Retention, Ethical Leadership and Corporate Social Responsibility, Adapting to Technological Advancements, Mental Health and Well-being at Work, Global Workforce Challenges, Employee Empowerment, and Reskilling and Upskilling.
The plenary session was led by Prof. Wasantha Rajapakse. Certificates were awarded to the best paper presenters during the valedictory session, followed by a vote of thanks delivered by Kamani Perera, Manager of Research and Development.
The annual symposium of CIPM was a truly inclusive event, attracting a diverse audience that spanned undergraduates, graduates, working professionals, research scholars and lecturers. This widespread interest highlights the symposium’s significance in the field of HRM, offering a unique opportunity for everyone to network and learn from scholarly brains.The CIPM International Research Symposium was sponsored by Hambantota International Port, Sri Lanka Institute of Information Technology (SLIIT), E B Creasy & Co. PLC, and Print Xcel Company.
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
