Features
Jetwing takes off and then July 1983 hits
(Excerpted from The Jetwing Story on the Life of Herbert Cooray by Shiromal Cooray)
Though conscientious about records, accounts and compliance with regulations, Herbert Cooray was never a number- cruncher. His decision-making did not involve the detailed scrutiny of feasibility studies, balance sheets and financial analyses. Like most entrepreneurs of his generation, he navigated by intuition. He would consider a proposition, talk the matter over with those who could inform or advise him, and then make his decision. He never rushed into things – nor, on the other hand, did he waste time when it was of the essence. His instincts rarely let him down.
If he had a special talent, it was for property. He had an eye for location, and over the years acquired land in some of the most picturesque .yet accessible parts of an island famed around the world for its breathtaking beauty. When the opportunity arose, he would develop these locations in ways that enhanced rather than detracted from their natural beauty. His passion, reflected to this day in the mission statement of the company he founded, which was to make a visitor’s experience unique and legendary – in direct contrast to the uniformity of mass-market hospitality and tourism.
He never lost his belief in the power of the personal touch. Sri Lanka is a country of famously hospitable people, so a Sri Lankan company in the hospitality business simply had to be exceptional. In the early years, he spent long hours at the Blue Oceanic Hotel, ensuring that every detail was just right and constantly seeking improvements. He impressed this attitude on his employees, meeting frequently with them to discuss ways and means of adding value to the service they provided.
He was equally keen to see that his staff were well treated; the investment, he knew from long experience, would be repaid many times over in staff-customer relations. This is the legacy Herbert has left at Jetwing, the constant drive to ensure all visitors to Jetwing are touched by the company’s’ unique offering of the famed Sri Lankan hospitality at its best!
In 1987, Herbert’s son Hiran graduated in Marketing and returned home from America to join the family business, Ruan Samarasinghe, meanwhile, had developed into an accomplished hotelier. These two young men would become Herbert’s indispensable lieutenants.
His portfolio of hotels continued to grow. Over the next few years, he acquired St. Andrew’s Hotel, Nuwara Eliya, from Milhuissen and the Yala Safari Game Lodge, badly damaged in the ethnic riots of 1983, from his friend V. Balasubramaniam. He was also a member of the consortium that built Eastern Village, a property fronting the spectacular beach at Nilaveli on the East Coast. It would have been a great success, but the tragic events of 1983 ensured that it was never opened. Other investments included the building of Royal Oceanic Beach Hotel, another Geoffrey Bawa hotel, in Negombo, and a stake (as well as a management interest) in the Sigiriya Village Hotel.
With so many hotels to fill with guests and run, it made sense to set up his own hotel management and marketing company. With Hayleys, a blue-chip Sri Lankan conglomerate, as his investment partner, he launched Jetwing Hotels in 1995. Hayleys, which had decided to invest in what was now being called the ‘leisure sector’ had cause to congratulate itself on its choice of partner. When the group liquidated its investment in the sector in 2010, the value of its stake had risen many times over, in spite of operating during the dark days of Sri Lanka’s tourism.
A Sri Lankan magazine, Business Today, featured the Jetwing story in their February 1998 issue. It quotes Herbert Cooray: “The tourism industry was at a pioneering stage at the time, and we had to rely on ourselves for all the resources we needed. I had several good friends, among them George Ondaatjie and Lucien Perera who supported and encouraged me over the years.
Although not a marketing genius, Herbert knew that word of mouth was a potent tool to use to market his hotels. Hence, he insisted that a legendary service, a service which others will talk about, was provided. He would meet clients and chat with them to gather important market information.
In August 1997, Hayleys, then Sri Lanka’s top business group, featured heavily in a country report by SocGen-Crosby, a leading international investment bank. The report was full of praise for Hayleys’ partner in the leisure sector: ‘Industry experts, including some competitors,’ it said, `have high regard for Jetwing’s management style, using phrases such as professional, aggressive and marketing savvy to describe it:
This was a great endorsement to a man’s passion to build a company with a dream to be the best in the industry at driving value for the clients and all other stakeholders. To Herbert, his company had to be committed to the highest of standards, that features great people who will provide a great service – which will in turn attract loyal customers.
Herbert believed from his early construction days that trust and mutual respect among employees, customers and suppliers are the foundation for success. To quote Herbert again from the 1998 issue of Business Today, “our ideal is not to be number one in the industry but to give the best service, and to be above everyone else in service.”
July 1983 saw the commencement of the darkest era in Sri Lanka’s modern history. Ethnic riots and the escalation of a hitherto low-intensity separatist insurgency caused widespread insecurity and instability, creating an atmosphere of anxiety and tension. The decade saw numerous attacks by the LTTE, the so-called ‘Tamil Tigers, on public landmarks and infrastructure, including the destruction of several aircrafts belonging to the national airline, Air Lanka. Tourism all but collapsed. Sri Lanka’s magnificent east coast was rendered nearly inaccessible as Tigers and a short-lived Indian ‘Peace Keeping Force’ jockeyed for the upper hand.
As if this was not bad enough, in the late 80’s, the south of the country was soon terrorized by a second insurgency, mounted by a nationalist/ communist group, the JVP (Janatha Vimukthi Peramuna). There were more assassinations, reprisals, local, regional or even national knockdowns, and forced closures of private businesses. Implacably opposed to all things foreign JVP militants visited hotels and demanded their closure, or simply robbed the management and guests of their money and belongings at gunpoint. Finally, the chairman of the Tourist Board took an unusual step and requested foreign tour operators to repatriate their clients from Sri Lanka, effectively bringing the industry to a standstill.
In the vacuum that followed this decision, the industry was forced into severe retrenchment. With almost no tourists arriving from overseas, the competition for a few wealthy local customers and resident expatriates became fierce. Revenues plummeted as hotels and travel agencies began undercutting one another. War stories in the international media and citizen travel advisories by European countries kept the tourists away- airlines and air charter operators pulled out of the country, while trained and experienced Sri Lankan hotel and travel professionals were snapped up by overseas employers. Replacing them was almost impossible: educated young people no longer saw any future in a career in the tourism sector.
By the mid- 1990s, however, a recovery seemed to be underway. The trickle of visitors was growing and investment in tourism began to pick up again. Hostilities continued in the north and east, but the rest of the country seemed to be safe for travelers. In 2002, the government and the Tigers negotiated a ceasefire and began negotiating terms of peace. To the tourism industry, this was a much needed present – hopes soared.
They were only too soon dashed. First came 9/11, with its chilling effect on air travel and tourism worldwide. Then, at home, the peace negotiations ended in acrimony. Soon the country was back at war. The final blow came on December 26, 2004, when the Asian tsunami devastated almost the entire littoral of the island. It also all but killed the slowly reviving tourism industry. The country was in mourning and shock.
Jetwing was among the operators most severely affected by the Boxing Day tsunami; its south coast property, Yala Safari Beach Hotel, was utterly destroyed. Thirty-three people died, including the senior management of the hotel. Among the survivors were 40 other employees, who continued to be retained on the company payroll despite the total loss of their jobs, along with their workplace.
Herbert Cooray never let his people down. The families of those who perished were also taken care of, in spite of the severe financial loss to the company. It is not by accident that the senior managers of the hotel lingered to ensure that other colleagues and the clients were sent off, then costing them their lives, they lived the philosophy of customer care which is so sacred to Jetwing.
July 1983 saw the commencement of the darkest era in Sri Lanka’s modern history. Ethnic riots and the escalation of a hitherto low-intensity separatist insurgency caused widespread insecurity and instability, creating an atmosphere of anxiety and tension. The decade saw numerous attacks by the LTTE, the so-called ‘Tamil Tigers, on public landmarks and infrastructure, including the destruction of several aircrafts belonging to the national airline, Air Lanka. Tourism all but collapsed. Sri Lanka’s magnificent east coast was rendered nearly inaccessible as Tigers and a short-lived Indian ‘Peace Keeping Force’ jockeyed for the upper hand.
As if this was not bad enough, in the late 80’s, the south of the country was soon terrorized by a second insurgency, mounted by a nationalist/ communist group, the JVP (Janatha Vimukthi Peramuna). There were more assassinations, reprisals, local, regional or even national knockdowns, and forced closures of private businesses.
Implacably opposed to all things foreign JVP militants visited hotels and demanded their closure, or simply robbed the management and guests of their money and belongings at gunpoint. Finally, the chairman of the Tourist Board took an unusual step and requested foreign tour operators to repatriate their clients from Sri Lanka, effectively bringing the industry to a standstill.
In the vacuum that followed this decision, the industry was forced into severe retrenchment. With almost no tourists arriving from overseas, the competition for a few wealthy local customers and resident expatriates became fierce. Revenues plummeted as hotels and travel agencies began undercutting one another. War stories in the international media and citizen travel advisories by European countries kept the tourists away- airlines and air charter operators pulled out of the country, while trained and experienced Sri Lankan hotel and travel professionals were snapped up by overseas employers. Replacing them was almost impossible: educated young people no longer saw any future in a career in the tourism sector.
By the mid- 1990s, however, a recovery seemed to be underway. The trickle of visitors was growing and investment in tourism began to pick up again. Hostilities continued in the north and east, but the rest of the country seemed to be safe for travelers. In 2002, the government and the Tigers negotiated a ceasefire and began negotiating terms of peace. To the tourism industry, this was a much needed present – hopes soared.
They were only too soon dashed. First came 9/11, with its chilling effect on air travel and tourism worldwide. Then, at home, the peace negotiations ended in acrimony. Soon the country was back at war. The final blow came on December 26, 2004, when the Asian tsunami devastated almost the entire littoral of the island. It also all but killed the slowly reviving tourism industry. The country was in mourning and shock.
Jetwing was among the operators most severely affected by the Boxing Day tsunami; its south coast property, Yala Safari Beach Hotel, was utterly destroyed. Thirty-three people died, including the senior management of the hotel. Among the survivors were 40 other employees, who continued to be retained on the company payroll despite the total loss of their jobs, along with their workplace.
Herbert Cooray never let his people down. The families of those who perished were also taken care of, in spite of the severe financial loss to the company. It is not by accident that the senior managers of the hotel lingered to ensure that other colleagues and the clients were sent off, then costing them their lives, they lived the philosophy of customer care which is so sacred to Jetwing.
by Dr Gotabhya Ranasinghe
Senior Consultant Cardiologist
National Hospital Sri Lanka
When we sought a meeting with Hon Dr. Ramesh Pathirana, Minister of Health, he graciously cleared his busy schedule to accommodate us. Renowned for his attentive listening and deep understanding, Minister Pathirana is dedicated to advancing the health sector. His openness and transparency exemplify the qualities of an exemplary politician and minister.
Dr. Palitha Mahipala, the current Health Secretary, demonstrates both commendable enthusiasm and unwavering support. This combination of attributes makes him a highly compatible colleague for the esteemed Minister of Health.
Our discussion centered on a project that has been in the works for the past 30 years, one that no other minister had managed to advance.
Minister Pathirana, however, recognized the project’s significance and its potential to revolutionize care for heart patients.
The project involves the construction of a state-of-the-art facility at the premises of the National Hospital Colombo. The project’s location within the premises of the National Hospital underscores its importance and relevance to the healthcare infrastructure of the nation.
This facility will include a cardiology building and a tertiary care center, equipped with the latest technology to handle and treat all types of heart-related conditions and surgeries.
Securing funding was a major milestone for this initiative. Minister Pathirana successfully obtained approval for a $40 billion loan from the Asian Development Bank. With the funding in place, the foundation stone is scheduled to be laid in September this year, and construction will begin in January 2025.
This project guarantees a consistent and uninterrupted supply of stents and related medications for heart patients. As a result, patients will have timely access to essential medical supplies during their treatment and recovery. By securing these critical resources, the project aims to enhance patient outcomes, minimize treatment delays, and maintain the highest standards of cardiac care.
Upon its fruition, this monumental building will serve as a beacon of hope and healing, symbolizing the unwavering dedication to improving patient outcomes and fostering a healthier society.We anticipate a future marked by significant progress and positive outcomes in Sri Lanka’s cardiovascular treatment landscape within the foreseeable timeframe.
by Fr. Emmanuel Fernando, OMI
Jesuit Fr. Aloysius Pieris (affectionately called Fr. Aloy) celebrated his 90th birthday on April 9, 2024 and I, as the editor of our Oblate Journal, THE MISSIONARY OBLATE had gone to press by that time. Immediately I decided to publish an article, appreciating the untiring selfless services he continues to offer for inter-Faith dialogue, the renewal of the Catholic Church, his concern for the poor and the suffering Sri Lankan masses and to me, the present writer.
It was in 1988, when I was appointed Director of the Oblate Scholastics at Ampitiya by the then Oblate Provincial Fr. Anselm Silva, that I came to know Fr. Aloy more closely. Knowing well his expertise in matters spiritual, theological, Indological and pastoral, and with the collaborative spirit of my companion-formators, our Oblate Scholastics were sent to Tulana, the Research and Encounter Centre, Kelaniya, of which he is the Founder-Director, for ‘exposure-programmes’ on matters spiritual, biblical, theological and pastoral. Some of these dimensions according to my view and that of my companion-formators, were not available at the National Seminary, Ampitiya.
Ever since that time, our Oblate formators/ accompaniers at the Oblate Scholasticate, Ampitiya , have continued to send our Oblate Scholastics to Tulana Centre for deepening their insights and convictions regarding matters needed to serve the people in today’s context. Fr. Aloy also had tried very enthusiastically with the Oblate team headed by Frs. Oswald Firth and Clement Waidyasekara to begin a Theologate, directed by the Religious Congregations in Sri Lanka, for the contextual formation/ accompaniment of their members. It should very well be a desired goal of the Leaders / Provincials of the Religious Congregations.
Besides being a formator/accompanier at the Oblate Scholasticate, I was entrusted also with the task of editing and publishing our Oblate journal, ‘The Missionary Oblate’. To maintain the quality of the journal I continue to depend on Fr. Aloy for his thought-provoking and stimulating articles on Biblical Spirituality, Biblical Theology and Ecclesiology. I am very grateful to him for his generous assistance. Of late, his writings on renewal of the Church, initiated by Pope St. John XX111 and continued by Pope Francis through the Synodal path, published in our Oblate journal, enable our readers to focus their attention also on the needed renewal in the Catholic Church in Sri Lanka. Fr. Aloy appreciated very much the Synodal path adopted by the Jesuit Pope Francis for the renewal of the Church, rooted very much on prayerful discernment. In my Religious and presbyteral life, Fr.Aloy continues to be my spiritual animator / guide and ongoing formator / acccompanier.
Fr. Aloysius Pieris, BA Hons (Lond), LPh (SHC, India), STL (PFT, Naples), PhD (SLU/VC), ThD (Tilburg), D.Ltt (KU), has been one of the eminent Asian theologians well recognized internationally and one who has lectured and held visiting chairs in many universities both in the West and in the East. Many members of Religious Congregations from Asian countries have benefited from his lectures and guidance in the East Asian Pastoral Institute (EAPI) in Manila, Philippines. He had been a Theologian consulted by the Federation of Asian Bishops’ Conferences for many years. During his professorship at the Gregorian University in Rome, he was called to be a member of a special group of advisers on other religions consulted by Pope Paul VI.
Fr. Aloy is the author of more than 30 books and well over 500 Research Papers. Some of his books and articles have been translated and published in several countries. Among those books, one can find the following: 1) The Genesis of an Asian Theology of Liberation (An Autobiographical Excursus on the Art of Theologising in Asia, 2) An Asian Theology of Liberation, 3) Providential Timeliness of Vatican 11 (a long-overdue halt to a scandalous millennium, 4) Give Vatican 11 a chance, 5) Leadership in the Church, 6) Relishing our faith in working for justice (Themes for study and discussion), 7) A Message meant mainly, not exclusively for Jesuits (Background information necessary for helping Francis renew the Church), 8) Lent in Lanka (Reflections and Resolutions, 9) Love meets wisdom (A Christian Experience of Buddhism, 10) Fire and Water 11) God’s Reign for God’s poor, 12) Our Unhiddden Agenda (How we Jesuits work, pray and form our men). He is also the Editor of two journals, Vagdevi, Journal of Religious Reflection and Dialogue, New Series.
Fr. Aloy has a BA in Pali and Sanskrit from the University of London and a Ph.D in Buddhist Philosophy from the University of Sri Lankan, Vidyodaya Campus. On Nov. 23, 2019, he was awarded the prestigious honorary Doctorate of Literature (D.Litt) by the Chancellor of the University of Kelaniya, the Most Venerable Welamitiyawe Dharmakirthi Sri Kusala Dhamma Thera.
Fr. Aloy continues to be a promoter of Gospel values and virtues. Justice as a constitutive dimension of love and social concern for the downtrodden masses are very much noted in his life and work. He had very much appreciated the commitment of the late Fr. Joseph (Joe) Fernando, the National Director of the Social and Economic Centre (SEDEC) for the poor.
In Sri Lanka, a few religious Congregations – the Good Shepherd Sisters, the Christian Brothers, the Marist Brothers and the Oblates – have invited him to animate their members especially during their Provincial Congresses, Chapters and International Conferences. The mainline Christian Churches also have sought his advice and followed his seminars. I, for one, regret very much, that the Sri Lankan authorities of the Catholic Church –today’s Hierarchy—- have not sought Fr.
Aloy’s expertise for the renewal of the Catholic Church in Sri Lanka and thus have not benefited from the immense store of wisdom and insight that he can offer to our local Church while the Sri Lankan bishops who governed the Catholic church in the immediate aftermath of the Second Vatican Council (Edmund Fernando OMI, Anthony de Saram, Leo Nanayakkara OSB, Frank Marcus Fernando, Paul Perera,) visited him and consulted him on many matters. Among the Tamil Bishops, Bishop Rayappu Joseph was keeping close contact with him and Bishop J. Deogupillai hosted him and his team visiting him after the horrible Black July massacre of Tamils.
Sri Lanka-Singapore Free Trade Agreement
By Gomi Senadhira
senadhiragomi@gmail.com
“You might tell fairy tales, but the progress of a country cannot be achieved through such narratives. A country cannot be developed by making false promises. The country moved backward because of the electoral promises made by political parties throughout time. We have witnessed that the ultimate result of this is the country becoming bankrupt. Unfortunately, many segments of the population have not come to realize this yet.” – President Ranil Wickremesinghe, 2024 Budget speech
Any Sri Lankan would agree with the above words of President Wickremesinghe on the false promises our politicians and officials make and the fairy tales they narrate which bankrupted this country. So, to understand this, let’s look at one such fairy tale with lots of false promises; Ranil Wickremesinghe’s greatest achievement in the area of international trade and investment promotion during the Yahapalana period, Sri Lanka-Singapore Free Trade Agreement (SLSFTA).
It is appropriate and timely to do it now as Finance Minister Wickremesinghe has just presented to parliament a bill on the National Policy on Economic Transformation which includes the establishment of an Office for International Trade and the Sri Lanka Institute of Economics and International Trade.
Was SLSFTA a “Cleverly negotiated Free Trade Agreement” as stated by the (former) Minister of Development Strategies and International Trade Malik Samarawickrama during the Parliamentary Debate on the SLSFTA in July 2018, or a colossal blunder covered up with lies, false promises, and fairy tales? After SLSFTA was signed there were a number of fairy tales published on this agreement by the Ministry of Development Strategies and International, Institute of Policy Studies, and others.
However, for this article, I would like to limit my comments to the speech by Minister Samarawickrama during the Parliamentary Debate, and the two most important areas in the agreement which were covered up with lies, fairy tales, and false promises, namely: revenue loss for Sri Lanka and Investment from Singapore. On the other important area, “Waste products dumping” I do not want to comment here as I have written extensively on the issue.
1. The revenue loss
During the Parliamentary Debate in July 2018, Minister Samarawickrama stated “…. let me reiterate that this FTA with Singapore has been very cleverly negotiated by us…. The liberalisation programme under this FTA has been carefully designed to have the least impact on domestic industry and revenue collection. We have included all revenue sensitive items in the negative list of items which will not be subject to removal of tariff. Therefore, 97.8% revenue from Customs duty is protected. Our tariff liberalisation will take place over a period of 12-15 years! In fact, the revenue earned through tariffs on goods imported from Singapore last year was Rs. 35 billion.
The revenue loss for over the next 15 years due to the FTA is only Rs. 733 million– which when annualised, on average, is just Rs. 51 million. That is just 0.14% per year! So anyone who claims the Singapore FTA causes revenue loss to the Government cannot do basic arithmetic! Mr. Speaker, in conclusion, I call on my fellow members of this House – don’t mislead the public with baseless criticism that is not grounded in facts. Don’t look at petty politics and use these issues for your own political survival.”
I was surprised to read the minister’s speech because an article published in January 2018 in “The Straits Times“, based on information released by the Singaporean Negotiators stated, “…. With the FTA, tariff savings for Singapore exports are estimated to hit $10 million annually“.
As the annual tariff savings (that is the revenue loss for Sri Lanka) calculated by the Singaporean Negotiators, Singaporean $ 10 million (Sri Lankan rupees 1,200 million in 2018) was way above the rupees’ 733 million revenue loss for 15 years estimated by the Sri Lankan negotiators, it was clear to any observer that one of the parties to the agreement had not done the basic arithmetic!
Six years later, according to a report published by “The Morning” newspaper, speaking at the Committee on Public Finance (COPF) on 7th May 2024, Mr Samarawickrama’s chief trade negotiator K.J. Weerasinghehad had admitted “…. that forecasted revenue loss for the Government of Sri Lanka through the Singapore FTA is Rs. 450 million in 2023 and Rs. 1.3 billion in 2024.”
If these numbers are correct, as tariff liberalisation under the SLSFTA has just started, we will pass Rs 2 billion very soon. Then, the question is how Sri Lanka’s trade negotiators made such a colossal blunder. Didn’t they do their basic arithmetic? If they didn’t know how to do basic arithmetic they should have at least done their basic readings. For example, the headline of the article published in The Straits Times in January 2018 was “Singapore, Sri Lanka sign FTA, annual savings of $10m expected”.
Anyway, as Sri Lanka’s chief negotiator reiterated at the COPF meeting that “…. since 99% of the tariffs in Singapore have zero rates of duty, Sri Lanka has agreed on 80% tariff liberalisation over a period of 15 years while expecting Singapore investments to address the imbalance in trade,” let’s turn towards investment.
Investment from Singapore
In July 2018, speaking during the Parliamentary Debate on the FTA this is what Minister Malik Samarawickrama stated on investment from Singapore, “Already, thanks to this FTA, in just the past two-and-a-half months since the agreement came into effect we have received a proposal from Singapore for investment amounting to $ 14.8 billion in an oil refinery for export of petroleum products. In addition, we have proposals for a steel manufacturing plant for exports ($ 1 billion investment), flour milling plant ($ 50 million), sugar refinery ($ 200 million). This adds up to more than $ 16.05 billion in the pipeline on these projects alone.
And all of these projects will create thousands of more jobs for our people. In principle approval has already been granted by the BOI and the investors are awaiting the release of land the environmental approvals to commence the project.
I request the Opposition and those with vested interests to change their narrow-minded thinking and join us to develop our country. We must always look at what is best for the whole community, not just the few who may oppose. We owe it to our people to courageously take decisions that will change their lives for the better.”
According to the media report I quoted earlier, speaking at the Committee on Public Finance (COPF) Chief Negotiator Weerasinghe has admitted that Sri Lanka was not happy with overall Singapore investments that have come in the past few years in return for the trade liberalisation under the Singapore-Sri Lanka Free Trade Agreement. He has added that between 2021 and 2023 the total investment from Singapore had been around $162 million!
What happened to those projects worth $16 billion negotiated, thanks to the SLSFTA, in just the two-and-a-half months after the agreement came into effect and approved by the BOI? I do not know about the steel manufacturing plant for exports ($ 1 billion investment), flour milling plant ($ 50 million) and sugar refinery ($ 200 million).
However, story of the multibillion-dollar investment in the Petroleum Refinery unfolded in a manner that would qualify it as the best fairy tale with false promises presented by our politicians and the officials, prior to 2019 elections.
Though many Sri Lankans got to know, through the media which repeatedly highlighted a plethora of issues surrounding the project and the questionable credentials of the Singaporean investor, the construction work on the Mirrijiwela Oil Refinery along with the cement factory began on the24th of March 2019 with a bang and Minister Ranil Wickremesinghe and his ministers along with the foreign and local dignitaries laid the foundation stones.
That was few months before the 2019 Presidential elections. Inaugurating the construction work Prime Minister Ranil Wickremesinghe said the projects will create thousands of job opportunities in the area and surrounding districts.
The oil refinery, which was to be built over 200 acres of land, with the capacity to refine 200,000 barrels of crude oil per day, was to generate US$7 billion of exports and create 1,500 direct and 3,000 indirect jobs. The construction of the refinery was to be completed in 44 months. Four years later, in August 2023 the Cabinet of Ministers approved the proposal presented by President Ranil Wickremesinghe to cancel the agreement with the investors of the refinery as the project has not been implemented! Can they explain to the country how much money was wasted to produce that fairy tale?
It is obvious that the President, ministers, and officials had made huge blunders and had deliberately misled the public and the parliament on the revenue loss and potential investment from SLSFTA with fairy tales and false promises.
As the president himself said, a country cannot be developed by making false promises or with fairy tales and these false promises and fairy tales had bankrupted the country. “Unfortunately, many segments of the population have not come to realize this yet”.
(The writer, a specialist and an activist on trade and development issues . )
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