Private sector emphasizes importance of labour law reforms to boost Lanka’s competitiveness

The private sector emphasized the importance of Labour Law Reforms to boost Sri Lanka’s competitiveness at a jointly held awareness programme among the Shippers Academy of Colombo, in partnership with the American Chamber of Commerce (AmCham) and the Joint Apparel Association Forum (JAAF). The need to prioritize Sri Lanka’s labour law reforms to develop competitive industries and services was also highlighted.

CEO of the Shippers Academy Rohan Masakorala explained that the 8-hour work week initiated in 1926 is not conducive to the modern world which is marked by the rapid growth of Artificial Intelligence. “Sri Lanka cannot be a competitive business hub without adhering to current international labour practices. This must be achieved through industrial harmony.”

Advisor to the Ministry of Labour and Foreign Employment Shan Yahampath said, “‘If we are to develop quickly, we need to generate USD 15 billion per annum. To do this, we need to attract FDIs. “Adopting efficient labour laws are pivotal to this.” Secretary General of JAAF Yohan Lawrence emphasized that reforms should formalize administrative relaxations on flexibility over a five-day week. “Improving flexibility in terms of work hours is advantageous not only for employees but also employers,” he stressed. President of AmCham Shirendra Lawrence stated, “The textile, security, catering, and other sectors are governed by a separate set of laws. Unifying this will certainly be more attractive to investors.”

He highlighted the potential of encouraging the 51% female population to enter the labour force via more flexible labour laws, especially as an impetus to attract and retain investors. Representing the collective of the Free Trade Zones, Chairman of the Free Trade Zone Manufacturers Association Dhammika Fernando expressed his concerns about Sri Lanka’s existing labour laws, stating that the current legal framework does not prepare Sri Lankan workers to enter or stay competitive in the changing world of work.

A FDI target of USD 1.5 billion was to be met for this year. However, it is October and the country is struggling to bring in USD 750 million. In comparison, regional peers like Bangladesh have already gained the infusion of USD 2 billion and even countries like Myanmar have attracted USD one billion.”

The post Private sector emphasizes importance of labour law reforms to boost Lanka’s competitiveness appeared first on DailyNews.