Features
The flamboyant tycoon
Some personal recollections
BY NANDA GODAGE
I returned to Sri Lanka in 1979 from a tour of duty in the Philippines and reassumed duties at the Foreign Ministry. One morning shortly afterwards President J.R. Jayewardene summoned me. I had never met the President and was quite curious as to how he knew of my existence. Minutes after I met him and after the customary exchange of pleasantries, that mystery was solved when the President complimented me on a ‘political report’ on the 1978 elections in the Philippines, which I had sent to Secretary/Foreign Affairs. I also sent a copy to my friend, Minister Athulathmudali, who had found it interesting and he had shared it with the President.
As for the reason for his having summoned me, that too was explained. The President very quickly came to the point. He wanted me to assume duties as Secretary-General of the precursor to the present Board of Investment, the Greater Colombo Economic Commission, as it was then known. Perhaps some reports on the functioning of the Batan export Processing Zone in the Philippines and on Investment Promotion in the Philippines, which I had sent my minister friend had also been shared with the President.
And that was how I found I myself being appointed as SG of the institution which the President often described as his pet project for which he took personal responsibility.
It was a presidential order and as such I had no option. The Katunayake ‘Free Trade Zone’ had been established through an Act of Parliament, which gave it wide-ranging powers—it was not only a Board of Investment but also the local authority for an area larger than Singapore. Even before 1 joined the institution I was aware that it was the pet hate of the Communists and their newspaper — the Aththa — the ‘Free Trade Zone’ — (I don’t know why they called it that instead of calling it the Export Processing Zone—which it was) referred to it as the Wahal Kalapaya or the slave zone, not giving credit to the fact that the ‘Zone was to be the source of employment to thousand who would otherwise have been unemployed and further, in their hatred for private enterprise, not realizing, as President JR himself said to me, “workers have their dignity and they are also voters. I created the Zone to give employment and give the people a better life not to lose votes”. On one occasion when the Aththa carried a headline report of how workers of a garment factory were put out of their lunch room to make way for sewing machines the President ordered me to close the factory and send the manager who had learned ‘bad ways’ in the Philippines out of the country. His words still echo, “The workers are our people. I will not let them to be exploited”.
Upali who was out of the country at the time endorsed the words of the President and gave instruction to the Senior Manager Industrial Relations to ensure that no worker in the Zone was exploited; this was also a matter which was wholly supported by the politician on the Board – the able and formidable Deputy Director General Mr. Paul Perera.
The newspapers at the time were also full of reports about differences between the flamboyant Chairman/Director General Upali Wijewardene and a particular colleague of his. The ‘tabloids’ also referred to the Prime Minister and the Finance Minister also ‘gunning’ for the chairman, whom they viewed as someone who could cheat them of their ambitions; in the circumstances one would understand my own reluctance to accept the appointment, but I was curtly informed that President Jayewardene had in fact made an order and that I had no option.
When I assumed duties, Upali Wijewardene was away from the country. We had met socially once or twice before, but I did not in fact really know him. When he returned from his overseas tour he sent for me-we shook hand and his first words were “you know I was never consulted about your appointment.” My response was “neither was I and had I half a chance I would not have come to the Sarpa Kalapya.” He laughed loud and long (he shook all over when he had a good belly laugh) and a friendship was made.
We worked out of the same floor – I was not only the Executive Secretary but he considered me to be his senior executive. Whenever he came to office after a break—(he came in only when he was in the country – he traveled extensively, but kept in touch on the phone) he called me in for a briefing’ On one of those occasions he asked me the following question: ‘What is the grade a student receives if he makes twenty five mistakes out of one hundred in an examination?’
The answer was of course obvious – “disto” (distinction) I replied. Upali responded with a “quite, so don’t worry, take decisions, they would come to attention only if you make mistakes of 25% and over.” He had the strength to delegate, He also had the ability to spot talent and was never afraid to give responsibility. I recall the case of a young man who looked
so boyish that I thought him to be a fourth former, whereas he was a graduate of good US University. Upali wanted to post him to an important overseas office and some of us had reservations because of the age and the fact that the young man was just out of University. But he said ‘no, lets try him out’ The recruit certainly delivered. He is presently with the UN holding a responsible position.
Upali, was by some; considered aloof and arrogant, but those of us who worked with him, found him to be quite a genial person fond of relating anecdotes. He seemed to always want an audience. I recall a particular anecdote, he had applied to Levers for a single post of management trainee. After many interviews only two applicants survived and he was one of them.
The CEO of Levers, a foreigner, had invited them to lunch at the Galle Face Hotel (according to Upali to test their table manners) The soup had been served and his competitor had tilted the soup plate towards himself to gather the last spoonfuls. Upali ended the story. ‘1 knew then that the job was mine’.
Upali never forgot his beginning as a businessman -he would often recall that he did not have the capital to make his dream of becoming a dollar millionaire at 30-years of age, come true. He would refer to the purchase of a ‘thachchi’ toffee business and remember those who had helped him. One story bears relating. There were four or five persons around the table and someone made a derogatory reference to the late Mr. TB Ilangaratne. That was the first time I saw Upali angry. He almost assaulted the man saying that Mr. Ilangaratne was eking out a bare existence. If he had made money in the manner that his political enemies made out, he would not have to depend on the charity of friends to survive. Upali; the capitalist had many socialist friends—one of whom was Sarath Navana of the LSSP, who edited the LSSP Party paper the Janadina’,
Upali was of course quite ambitious and often made his ambitions known to his ‘audience.’This I believe was the cause of his undoing. He made more enemies than friends, and his enemies were very powerful persons. The High Posts Committee of the House had not cleared the members of the Commission even by the end of 1979 (they had been appointed in 1978). When the hearing finally came around, rivalries within the Commission were not as bitter as they had once been. Old wounds had been healed and we expected the Commission to have easy clearance
That was not to be. Prime Minister Premadasa hated the very sight of Upali and. it was said by those present, tore into Upali from the word ‘go’ and had at one point referred to his ‘retinue: The SUN newspaper had reported a story of how Upali’s helicopter had been used to take supporters to Kamburupitiya. Upali, who had no respect for Premadasa had snapped back’yes of course. we look after those who work for us and this is in the best feudal tradition – something which you will not know anything about’.
The High Posts Committee headed by Premadasa found Upali unsuitable for the job of Chairman/Director General of the GCEC. It was quite ironical that this Committee which found a draftsman who had only ‘relative merit, (he was an immediate relative of Premadasa), eminently suitable to be our Ambassador in Sweden, found Sri Lanka’s forenost industrialist and venture capitalist, unsuitable to be head of the GCEC and not because they perceived any conflict of interest.
What had indeed become a huge joke did not end there. The findings of the High Posts Committee created by President Jayewardene had absolutely no effect on the president. Jayewardene had told Upali that it was he who had appointed him and therefore there was no need to step down! And he didn’t. And nothing happened. Those were the days!
JRJ, though he stood by his kinsman on that occasion let him down badly on another. The Kamburupitiya seat in Parliament had fallen vacant and Upali, who hailed from Kamburupitiya staked a claim. He considered himself as the obvious choice for the UNP ticket.
President Jayewardene had confirmed that he would be nominated. Upali summoned a special meeting of the board and farewell but he was in for an absolute shock, God only knows who could have held a. gun at JR.1’s head. but he changed his mind and gave the ticket to a nonentity from Galle whose name is now forgotten even by the people of Kamburupitiya. He was said to have been Mr. Premadasas nominee.
Despite his other obligations as Chairman of the ever expanding ‘Upali Group’ with big business interests in Malaysia, Singapore and the UK, he devoted much time to the GCEC. His style of management to which I have referred to earlier, in another context, was quite simple dorit bring problems to me. You are paid to take decisions. If you wish to consult me on solutions, bringyour solutions across and we can discuss them’
Investment promotion was an area in which he quite naturally revelled. I recall that our Senior Manager Investment Promotion then was the able and dynamic Rohan Weerasinghe, now a Director at Bartleets. Rohan did the legwork and the result had to be of the highest professional standards. Upali never compromised on standards when it came to work and never entertained excuses.
The promotion team led by Upali travelled to the US, the UK and Australia forpresenGations. Incidentally the Chairman did not charge the government travelling expenses, though he travelled first class and stayed in suites in five star hotels. On a number of occasions questions were asked in Parliament, on the instigation of his enemies, about the amounts spent on business trips. The answers always cited expenditure incurred on account of the rest of us—and it resulted in the matter being brought to the attention oft lie President who put an end to the witch-hunt.
It was Upali who brought Motorola Semi Conductors and Harris Semi Conductors to this country. Unfortunately they packed up and left after they incidents of Black July stating that the country was not stable Upali had the GCEC treat every prospective investors as a VIP. They were looked after from the time arrival till they left.
One happening in the US on one of our trips, bears recalling. We were making our presentation (to a major US’ Corporation) when the President of the Corporation dropped in to spend a few minutes with us and apologize for his inability to he present throughout the presentation. He glanced I I Trough the CV of Upali, and perhaps noting that Upali had big business interests in South East Asia, told him that their subsidiaries in South East Asia were having problems. He asked Upali a few questions and what happened next was quite amazing.
The company president called in a number of his senior management teams to discus his company’s problems and when it was pointed out that we had a plane to catch to another destination that afternoon, the he insisted that we be his guests at an exclusive club for dinner that night and fly out to our next destination on his executive jet the following morning.
I recall another interesting incident in Australia in 1981. We had planned investment promotion meetings in Sydney and Melbourne. I had gone ahead of the others to Sydney when Upali arrived the day before the workshop, I told him of a big horse race that was scheduled for that Saturday and suggested that we stay a day longer and watch it and move on to our next destination.
‘Not just watch it’ lie said. “I may have a horse running in it”. He wanted to buy a horse and enter it for the race. I thought was a joke. But two days later when I was having breakfast he walked in to the dining room with his entourage. I inquired as to where they had all been so early He replied, “we went to buy a horse”. He had indeed bought a horse,’My Lord Avon’, was its name. When I casually inquired as to the price paid his answer made me drop my cutlery At JD 149,000! He certainly did things in style!
Upali was the only Sri Lankan known in international business circles. His reputation was high in East Asia. He had been featured in many well known magazines including Business Week but when the prestigious Fortune magazine featured him, that certainly meant that he had arrived.
But his success was also his downfall. Perhaps I should not insult the other ethnic groups in Sri Lanka by lumping them with us Sinhalese in this regard Sadly, the Sinhalese often hate to see another of their race succeed.
Upali had more than his fair share of enemies and he indeed made his own contribution to building a hate bank.
I shall conclude with a story told to me by the late Mervyn de Silva.
He had interviewed Upali for a story he intended to send to a foreign magazine. Mervyn had completed his interview and was in the process of gathering up his papers when he had casually inquired as to whether he had a sort of hero. Upalfs answer had shocked him. He had put down his papers and sat down to do new article for his own magazine, the Lanka Guardian.
Upali had said that his hero on the Sri Lanka political scene was SWRD Bandaranaike! Mervyn carried the story in the December 1991 issue of the Lanka Guardian and Upali was asked to resign days afterwards by his cousin the President, Mr.JR Jayewardene! Perhaps had he said that his hero was JR he probably would have ended up in Parliament and who knows where afterwards.
(The writer served as Executive Secretary of the Greater Colombo Economic Commission when Upali Wijewardene was Chairman/Director General. This article first appeared on Sunday Island anniversary issue of Oct 01, 2006)
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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