Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Thursday, 5 May 2022 04:52 - - {{hitsCtrl.values.hits}}
From left: Lanka Confectionary Manufacturers Association Chairman S.M.D. Suriyakumara, All Ceylon Bakery Owners Association Chairman N.K. Jayawardana, Tiles and Sanitaryware Importers Association Chairman Kamil Husain, Event Management Association Sri Lanka President Nishan Wasalathanthri, Mahanuwara Sinhala Welenda Peramuna Vice President Yasas Chandrasekera, COYLE Chairman Dimuth Chankama Silva, Senior Vice Chairman Rasith Wickramasingha, FCCISL Vice President Keerthi Gunawardana, Kiribathgoda Welenda Sangamaya’s Sanjeewa Withanaarachchi, Galle District Chamber of Commerce and Industries’s Dammika Lokuge and Matara District Chamber of Commerce and Industry’s K.H.R. Chandika – Pic by Sheehan Gunasekera
By Darshana Abayasingha
The Chamber of Young Lankan Entrepreneurs (COYLE) together with partner associations yesterday put forward a 10-point plan to ‘Restart Sri Lanka’ and overcome the multiple crises.
The first point imperatively is to establish political and administrative stability on an urgent basis, and reduce powers vested with the Executive President. It also recommends to appoint relevant professionals, as members of the Cabinet and other key positions. COYLE Chairman Dimuth Silva said the way to build this economy is through unity and acceptance of each other and all stakeholders within Sri Lanka.
The 10-point plan is being presented to the President, the Opposition Leader, all political party leaders, the Mahanayakes of all Chapters, His Eminence the Cardinal and other religious leaders of society.
“The membership will resort to strong actions and drive for solutions, if the leadership cannot take necessary action to effectively address the crisis,” he added.
The membership raised issue with the Government for not taking timely action despite several overtures, adding the public and local businesses are now left to face the brunt of issues.
Other points include to immediately address the financial and essential goods crisis faced by public, and support industry that brings in foreign exchange into the country.
The COYLE-led group also moots a ‘Sri Lanka First’ negotiating strategy during discussions to restructure the country’s long-term debt.
Reducing Government expenditure and ensuring efficient and self-sufficient state entities was also a key point that was presented. Good governance through political reforms, enhance industrialisation through an accelerated export drive, redefine policies to empower both traditional and disruptive industries, a global campaign to promote foreign investment through Free Trade Agreements, effective communications and transparency amongst all stakeholders and capitalising on the Port City made up the 10 points listed out by the Group.
“The Government must accept responsibility for allowing the crisis to exacerbate, and the first step to finding solutions is acceptance,” Mahanuwara Sinhala Welanda Peramuna Vice President Yasas Chandrasekera said.
He added that in 2019 many regional chambers cautioned the Government against its move to increase the VAT threshold, remove NBT and other direct taxes when it ascended to power.
Chandrasekera also argued how the Government could not foresee the trap it dug itself and set inflation soaring.
He added that the business community is ready and willing to pay taxes, and that the Government must come out with a well-thought-out structure and effective plan to implement taxes given the current poor state of the economy and inflation.
Joining the discussion, Tile and Sanitaryware Importers Association President Kamil Hussain said this situation is the result of bad leadership and deceitful politicians over successive Governments.
He said the industry employed over 100,000, but now close to 75% have left the industry.
Many importers have taken their capital elsewhere, and the construction industry has been deeply impacted. He urged the Government to consider the proposals very seriously, and to give the private sector the opportunity to lend support to the Government to help manage and overcome the difficulties it is faced with.
“We are facing a lot of difficulties to obtain raw materials, and it is beginning to impact our continuity. The contribution from the sector to the Government is far more than the State or any other stakeholders envisage, and have invested over Rs. 10 billion in the country over the past 10 years. Over 25% of revenue in the small and medium retail sector comes from bakery and confectionary goods. We consist entirely of Sri Lankan entrepreneurs and today we are in a very dangerous situation,” Lanka Confectionary Manufacturers Association President S.D. Suriyakumar said.
Over 2,000 bakeries have stopped operating, as there is a grave shortage of materials and a 300% increase in price of goods, charged the All-Ceylon Bakery Owners Association at the event.
The professional associations behind the ‘Restart Sri Lanka’ plan include COYLE, Chamber of Commerce and Industries of Yalpanam, United Trade and Industry Association – Dehiwala, Matara District Chamber of Commerce and Industry, Nugegoda Entrepreneurs and Professional Alliance, Minuwangoda Trade Association, Lanka Business Ring, Nawalapitiya Traders Association, Entrepreneurs Lanka, Mahanuwara Sinhala Welanda Peramuna, Kiribathgoda Sinhala Merchant Association, Galle District Chamber of Commerce and Industries, Event-Management Association Sri Lanka, Lanka Confectionary Manufacturers Association, Kurunegala Sinhala Welanda Peramuna, All Ceylon Bakery Owners Association, Association of Container Transport, Association of Clearing and Forwarding, and the Federation of Chambers of Commerce and Industry of Sri Lanka.
