Biz community says no quid pro quo with Govt.

Thursday, 14 July 2016 00:07 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

Policy inconsistencies by the Government are costing the private sector dearly, stakeholders said yesterday, pointing out that it outweighed services received from the Government but applauded efforts to liberalise the economy.

“A lack of consistency at the local level affects the private sector more than the cost of services we get from the Government. We need to get not just similar facilities but the same level of policy consistency that our competitive entities overseas enjoy in their countries,” former Ceylon Chamber of Commerce Chairman Suresh Shah said while addressing the CMA National Management Accounting Conference 2016.

He said that considering the size of the economy, the only way forward for a country like Sri Lanka was to encourage private sector firms to expand into markets overseas. Shah suggested that it was necessary to have policy consistency at the local level for the private sector to compete on a competitive global platform.

“If we are to compete with entities outside of Sri Lanka then the operating environments must also be conducive in a similar way to those markets overseas. If not, we have immediate constraints. It is not so much about the cost of a service but more importantly the policy framework should be on par with those markets we need to face overseas,” he pointed out.