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Sunday Dec 22, 2024
Wednesday, 2 December 2020 01:49 - - {{hitsCtrl.values.hits}}
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| Mahesh Amaleen |
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| Krishan Balendra |
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| Eric Robertson |
Two prominent corporate leaders yesterday sounded positive on the outlook of their businesses, welcoming the thrust on exports, their revival, as well as some of the other core economic sectors.
Speaking at the Ceylon Chamber’s Virtual Economic Summit, MAS Holdings Chairman Mahesh Amalean said he was very impressed by President Gotabaya Rajapaksa’s and the Government’s thrust on exports.
“This is key to Sri Lanka’s future,” he said, especially when rebound in global trade takes place in a more desired way next year onwards.
Focusing on the apparel industry, he said that buyers were increasingly looking at “verticality” in terms of sourcing; hence, Sri Lanka needs to better serve this demand. The industry is also being driven by digitalisation from product development, manufacturing and delivery.
John Keells Holdings (JKH) Chairman Krishan Balendra said he was positive on the outlook for all the sectors the conglomerate is engaged in, except tourism, which may rebound next year given the pent-up demand. He said JKH has already seen a revival of several of its core business segments post-June, though the second wave of COVID-19 in October impacted the momentum.
Standard Chartered Bank Global Head, Research and Chief Strategist Eric Robertsen who was present at the CCC Economic Summit session on ‘Post COVID-19 Economic Recovery’, said the silver lining globally amidst the unprecedented COVID-19 pandemic was the faster recovery in international trade, especially exports. “Global trade is well above pre-COVID level, and exports especially from Asia have recovered as well. This is an unparalleled recovery in global trade within two quarters, whereas post the international financial crisis it took 6-7 quarters for the same,” Robertsen said.
He said that another positive development was the low net interest rates and historically low inflation levels which will help Governments as well as the private sector.
It was pointed out that however, fiscal discipline must be pursued by Governments to make economic recovery more pronounced and sustainable. “Countries with challenging credit outlook need to be more prudent as well,” he added.
