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Saturday Dec 21, 2024
Monday, 17 February 2020 02:07 - - {{hitsCtrl.values.hits}}
Business leader and Softlogic Holdings PLC Chairman Ashok Pathirage has said new a political equation will galvanise the economy though challenges remain.
His optimism as well as recommendations were contained in his review accompanying Softlogic third quarter results which reflected impressive turnaround.
He said Softlogic’s heavy investments in retail, healthcare and Quick Service Restaurants (QSR) have been made during the year despite the challenges of poor market sentiments, waning consumer demand and the shock of the Easter attacks.
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| Ashok Pathirage |
“This involves courageous leadership which foresees that with the new political equation the economy would be galvanised with tourism occupying a major thrust in the Government’s agenda for ensuring that the country becomes a regional shopping destination,” said Pathirage, who is also the new Chairman of SriLankan Airlines.
“Notwithstanding this, the unforeseen coronavirus would no doubt impact global tourism,” he said adding the “psychological pandemic, nonetheless, would have to be controlled with a sense of urgency”. Pathirage said Softlogic would be an immediate beneficiary of a resurgence in tourism which has in recent times proved encouraging for our leisure and retail sector.
“On the other hand, any pandemic of significance would result in the healthcare sector becoming indispensable for the country,” added the Chairman of Softlogic which has growing interest in the healthcare services.
“Despite the new investments, we are still recovering from the shock of the April incidents and will have to bear the consequence of the uncertainty of the coronavirus and its implications together with the General Election in the offing,” Pathirage said.
Nonetheless, he pointed out that the new Government’s pro-business decision to reduce the tax burden for corporates while also reducing interest rates will give a significant fillip to future corporate earnings.
