SL has achieved relative economic, social and political stability – CCC Chief
Sri Lanka have come far and have achieved relative stability economically, socially, and politically compared to the situation that prevailed in the country in the last year or about the same time said new Chairman of Ceylon Chamber of Commerce (CCC) Duminda Hulangamuwa at their 184th annual general meeting held in Colombo on Friday.
He said that CCC also played a significant role in this process and will once again extend their fullest support to the government and all the Institutions in every possible way.
“The challenge before us now is to provide even greater support to the institutions concerned to steer the country from a stabilization path to a path of growth and prosperity that will create equal opportunity for all Sri Lankans. In addition to the role played in the economic reform the Chamber has a bigger role in delivering to the membership. We need to get involved in areas where our members are facing issues such as promoting corporate agriculture, removing price controls, promoting FTAs, tariff issues etc.”
He thanked outgoing Chairman, Vish Govindasamy, CCC members and the private sector for the resilience shown in the last two years. “Firms have had to navigate political instability, shortage of fuel and power cuts amongst other challenges from a business continuity perspective.”
Outgoing Chairman, Govindasamy said the private sector has over the years learned to survive in the face of formidable challenges and needs to preserve their enterprises and prepare our businesses for a growth mode as we emerge from the difficulties of last year. The resilience of the private sector during the last year was highlighted by the performance of exports. In 2022, Sri Lankan merchandise (goods such as tea, rubber etc.) exports exceeded USD 13 billion for the first time in the country’s history, despite the multitude of challenges. “Now the challenges that our sectors faced domestically have reversed to external challenges where global demand has been falling. I am sure our firms will continue to find ways to innovate and seek new markets to neutralize some of these challenges while looking at growth.”
Commenting on the IMF Extended Fund Facility he said that similar moments of complacency in the past have resulted in a lack of commitment to implement vital reforms. “This is the reason we are now in the 17th program under the IMF, and why we do not have a good track record of completing or continuing the progress we are capable of. Any pause or delay in the IMF programme will bring us back to square one and complicate our debt restructuring discussions.”
It is noteworthy that for the first time in Sri Lanka’s history, governance and addressing corruption vulnerabilities are part of the program. (SS)