Aug 27, 2015 (LBO) – Sri Lanka needs to build goods and services which can be competitive in the global market and plug in to value chains to gain cost advantages in the path towards a competitive economic nation, economic legislator and newly elected member of parliament, Harsha de Silva said.
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“We are not the only nice looking girl on the beach. There are so many nice looking girls on the beach and Sri Lanka is no longer that nice looking,” de Silva said, referring to the global market.
“So Sri Lanka’s objective in the next five years is how we are going to be the most competitive in the world.”
The island's export earnings recorded a decline of 4.2 per cent, year-on-year, to 944 million US dollars in June 2015, led by lower earnings from tea, textiles and garments. Rbber products and seafood exports were also weaker, but total imports rose 13.5 percent to 1.33 billion dollars led by imports of vehicles for personal usage and business purposes, resulting in a widening of the trade gap.
De Silva said earlier that Sri Lanka’s export competitiveness was weakening in the past few years with share of gross domestic product taken by exports dropping to about 15 percent from 35 percent 10 years ago. He argued that some export taxes discourage the exporters and those kind of taxes should be removed.
The new government elected would act to bring back export competitiveness to Sri Lanka through removing constraints and putting policies in right places, he says.
One of the ways to approach global markets is through tradable goods.
“If we want to become competitive, we have to start moving our goods from non-tradable to tradable and we have to become the best,” de Silva said.
“If we are stuck in non-tradable like construction, transport, retail and wholesale, we will never become a competitive economy that we want to become. “So we have to jump in the deep end and compete with the rest of them who are competing with us.
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He added that the competitive economy can be achieved through cooperative measures with similar markets.
“We should be able to network and form partnerships while we plug ourselves to value chains.” De Silva said.
Adjusting macro-economic variables by depreciating the currency would not help Sri Lanka in the long run as it creates many other problems to the economy.
The newly elected govenment is still to announce ministries shared between the main two parties which analysts say 'might create political uncertanity in the island again.'
Sri Lanka not the only nice girl on the beach: Policy maker
LOL the DOC is acting like a retired western politician (a-la Clinton, Blair, Bush et al) giving lecture a day and doing nothing else. It would be great if he put in more effort to walk the talk!
Why not start by telling ur big boss that the people did not vote for a 100 member cabinet FFS!!!
He loves to talk and brag. But he is also honest like the Assembly of God Preacher Eran Wickremeratne. This is the new face of the UNP to get the country fixed. But I do hope the fellow doesn’t follow and obey all World Bank Prescriptions to do away with fertilizer subsidies and import rice. This happened in Haiti under Clinton. They destroyed the Haitian rice farming by dumping cheap rice. We must be competitive but in a nation where 65% of the people are poor we cannot just obey WB orders. Our energy costs are amongst the highest in Asia(the other girls on the beach). Vietnam is way ahead of us in apparel exports now because they have cheaper labour. We are also not the only nation with nice beaches. Thailand and Caribbean nations compete on that too. Our hotels are now overpriced. If Harsha with his PhD from Missouri (a Tier 2 research university) wants to make a difference, he ought do away with the high cost of borrowing by reducing interest rates. Strengthen private property rights regimes so that people can OWN land and assets. Reduce the perks MPs and Ministers get. Land and water are scare. People steal land and court cases drag on for decades because the thieving encroachers hide behind scum lawyers and the legal system. Redefine private property regimes and enforce them. I know in Attangalla area policitians encouraged their cronies to steal private land from coconut estates. Litigation takes forever and favors the thief rather than the owner.
On other smaller issues, thank Muzzamil and the incompetent UNP for making colombo a filthy city again after Gota’s efforts.
of course Sri Lanka was one of the sexiest gals until you killed her chances by changing economic numbers to make her look very unattractive. Of course a person who actually has no experience in canvasing investments would know this like yourself.
New comer is still learning ? Before the election Harsha said he knows everything about anything Today Nothing…… you need to clear all dipolomatic missions first, who destroys countrys /govts image. most of rhem are openly corrupt , trade mission to normal clarks and Ambassdrs, If you think euro govts and pvt businessmen dont know such a things you are wrong.. i invite you to europe and meet sri lankans who are working with european govts or …………………………………