Denis Chaibi on enhancing Sri Lanka’s economic recovery

Tuesday, 5 September 2023 00:20 - - {{hitsCtrl.values.hits}}

EU Ambassador to Sri Lanka and the Maldives Denis Chaibi

The outgoing EU Ambassador Denis Chaibi speaking at the Sri Lanka Institute of Directors Annual Members Meeting, commented that Sri Lanka is at a crucial junction in its journey towards economic recovery.

He observed that growth-enhancing measures such as market liberalisation, investment promotion and implementation of robust anti-corruption measures would lead to Sri Lanka unlocking its full economic potential and set it on the path to sustainable growth.

He noted that women in leadership play a critical role in Sri Lanka’s journey towards sustainable growth and unlocking its true economic potential.

Chaibi who has degrees in Law and Political Science and Master’s degrees in European Studies, International Law and an LLM from Cambridge University, as well as being a lecturer at several universities including Yale, shared insights on the role of gender parity in economic revival and growth.

The European Union implemented legislation aimed at increasing the representation of women on company boards. Under a recent EU directive, there is a specific goal of achieving at least 40% representation of women on non-executive boards within a designated time frame. This catalyses change, driving companies to actively seek gender diversity and create a more inclusive corporate environment.
The impact of these measures is supported by compelling statistics, which show that companies with a higher representation of women on their boards tend to outperform their counterparts in financial results, increased innovation, and enhanced corporate governance.
In addition to legislative measures, the EU is supporting initiatives that empower women and promote leadership and entrepreneurship through collaboration and knowledge sharing.

Chaibi encouraged Sri Lanka’s business leaders to play an active role in unlocking Sri Lanka’s untapped potential by embracing gender diversity and promoting inclusive work environments to shape Sri Lanka’s future economic landscape.

He went on to say that business leaders should champion strong anti-corruption measures as transparent and accountable governance is the bedrock upon which successful economic reforms can flourish. He commended the Sri Lanka Institute of Directors for being at the forefront of promoting excellence in corporate governance and leadership in Sri Lanka. SLID's dedication to promoting good governance, transparency, and accountability sets an example for others to follow.