Woo diaspora to invest in local business to boost FDI
The issue of brain drain is not something only confined to Sri Lanka but it’s a global phenomena, said Associate Professor University of Queensland, Prof. Udanatha Abeyratne at the Sri Lanka Internet Day 2022 event organised by Federation of Industry Sri Lanka. (FITIS).
He said that this brain drain issue in Sri Lanka did not spring up suddenly but was eminent for several years. The same Brain Drain Scenario is happening in China and India as well.
He however said that one must remember that people who go for better job opportunities gain international skills and experience, come back and share their knowledge by being reemployed or set up their own businesses in their respective countries which helped towards economic development.
He said that to speed up their ‘come back’ a better country with better law and order, democracy, fair play and other social factors should be in place. Prof. Abeyratne also said that Sri Lanka should also try to reverse the brain drain and try to bring in youth with high skills from other countries to work in Sri Lanka.
He said that specially after the pandemic the world has become small with better communication and suggested obtaining services of Sri Lankans’ and foreign professionals who are based overseas to be employed in Sri Lanka companies on a part time or work from home basis. He also urged authorities to woo local diaspora to invest in Sri Lanka as they are more than willing to do so.
Meanwhile Governor Central Bank Dr. Nandalal Weerasinghe said that in an economic crisis similar to what Sri Lanka is experiencing now, one could see more people moving to get overseas employment. “But this is temporary and as and when a conducive economic climate is created soon they will come back reversing the brain drain.”
He also said that Indian youth who went for overseas employment returned and became the main enablers of the Indian advanced Indian ICT system. He also said that the Port City Colombo Venture when fully operational would be a major attraction to woo Sri Lankans who went for overseas employment to return. “it would be a great enabler for them.”
Commenting on the digital drive in Sri Lanka he said though the infrastructure is in place the adaptation to it is rather slow.