CA Sri Lanka Annual Session promotes ‘Looking Beyond Margins’

By Darshana Abayasingha

The Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) commenced their 45th Annual Conference in Colombo last night, discussing how ‘Marching Beyond Margins’ could drive economic growth. 

Chief Guest at the occasion, Indian High Commissioner to Sri Lanka Santosh Jha, said the two countries must grow together and it’s legitimate for Sri Lanka to want to share in the Indian growth story.

 He noted it is important to shed past aspersions or hesitations and forge a new path ahead. 

Jha noted the world is probably at one of its most difficult periods and there is a great rebalancing of the axis of power. The Indo-Pacific region is taking a greater position in world affairs, he noted. Many global experts predict that India could emerge the second largest economy in the world by 2050, the High Commissioner added. Sri Lanka can plus in and take advantage of this growth track. 

There are multiple paths of convergence and growth engines today in the world. Ongoing shifts in the global order mean traditional institutions like the UN, and even the WHO, could be out of sync to handle global situations. This was evident during the COVID-19 pandemic, where the UN was largely a bystander. This gives rise to a group of countries resorting to various measures to maintain power, he intimated. Sri Lanka must open doors to connect with India and thereon to the world, Jha stated. 

“These disruptions have reminded us the need for urgent reforms to the global order. It has brought to the fore the need to reorganise globalisation – it’s here to stay but not in the way it was seen. It has also underlined the need to build more resilient supply chains and herein lies the opportunity for India, as it functions within open and transparent market dynamics, plus its shift to renewable energy and improved ease of doing business,” he added. 

Sri Lanka can position itself as India+1 in the services and manufacturing sectors, the High Commissioner added. India is both a player and a disruptor in the digital sphere and is actively shaping the global technology landscape, he said. Trust and goodwill is necessary for business and technology to thrive, and the surge in technology advancements in India offer numerous opportunities for Sri Lanka. 

The choices made now will be important to fulfil the potential of our bilateral relations, he noted. There must be a desire to grow with mutual interests. Indian foreign policy is people-centric and this is the benchmark for Sri Lanka as well, having converted many programs into grants worth over $ 609 million to overcome immediate challenges, he added. 

CA Sri Lanka Chairman Heshana Kuruppu stressed on the importance of transparency and good governance amongst the fraternity to enable greater market progress. 

He noted that poverty in Sri Lanka has grown – and is not projected to reduce over the short-term – which offers challenges to policymakers. Reforming financial operations and enhancing risk mitigation processes are amongst actions that the CA Sri Lanka’s membership have taken to support this process, Kuruppu said. 

He also urged the Government to shift to actual accounting and integrating digital support to boost capacity within the Government’s accounting sector. He noted there are only a handful of qualified accountants serving within the Government. The CA Sri Lanka is ready to support the Government in implementing the Public Financial Management Act, the Chairman added. He noted corruption, public finance management, and taxation as key areas of governance the Government could work together with his Association to address and enhance fiscal policy. 

In the wake of the economic crisis faced by the country, including a significant brain drain, it is clear that fresh perspectives are essential to ensure the survival of the nation, the CA Sri Lanka said. This year’s National Conference hopes to inspire young leaders to embrace the fast-evolving future and encourage them to go above and beyond the customary realm in pursuit of excellence. 

With its highest participation ever at the annual conference, the three-day program of the CA Sri Lanka will end on Wednesday, attracting over 2,000 delegates, including business leaders and social entrepreneurs. 

CA Sri Lanka Conference Committee Chairman Chamara Abeyrathne reminded participants to remain agile, become sustainable, and adopt digital technologies, alongside breaking traditional barriers, to take advantage of modern market opportunities. Building a future-ready profession was identified as a key initiative.