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19 – 25 October 2009 19th – 25th October 2009 FCCISL News Alert Weekly Business Highlight 19th – 25th October 2009 Content Page 1. DEVELOPMENT ECONOMICS 1.1 DON’T MISS THE ‘LUXURY’ BUS THIS TIME 04 1.2 INCREASING DOMESTIC SAVINGS VITAL FOR DEVELOPMENT 08 1.3 CHANGE EASIER AT TIME OF CRISIS 09 1.4 TEMPORARY WORKERS WORST HIT BY ECONOMIC CRISIS 10 1.5 HIGH TAXES SAID TO ENCOURAGE ILLEGAL ECONOMY 11 1.6 INDIA ECONOMY GROWING 6.5 PERCENT THIS YEAR 12 1.7 MORE THAN 2,000 COMPANIES STRUCK OFF THE REGISTER 14 1.8 LSE READY TO HELP LOCAL FIRMS RAISE CAPITAL 15 1.9 ISSUE OVER RE-REGISTERING FIRMS 16 2. INVESTMENT 2.2 SRI LANKA ABLE TO ATTRACT MORE 18 2.2 FOREIGN INVESTMENTS IN STOCK MARKET TO INCREASE 19 3 MANAGEMENT 3.1 PSYCHOLOGICAL ASPECTS IN STRESS MANAGEMENT 22 4 TRADE AND MARKETING 4.1 AS A PRELUDE TO INCREASED US TRADE AND INVESTMENT 29 4.2 EXTERNAL TRADE PERFORMANCES - AUGUST 2009 31 4.3 MARKETING AND SELLING IN TOUGH ECONOMIC CONDITIONS 33 4.4 OPPORTUNITIES IN THE RUSSIAN SEAFOOD MARKET 35 4.5 TODAY’S MARKET SITUATION A BLOODY RED OCEAN 40 4.6 MARKETEERS' ROLE AND APPROACH MORE PIVOTAL 41 4.7 TRADE EASING BETWEEN SRI LANKA AND INDIA 43 5 TOURISM 5.2 FOCUS ON RELIGIOUS TOURISM BENEFICIAL 45 5.3 SUCCESSFUL TOURISM SEASON NEEDED TO BOOST CONFIDENCE 47 6 STOCK MARKET 6.1 WALL STREET UP ON COMPANY EARNINGS EXPECTATIONS 50 6.2 THE CHALLENGE FOR PUBLIC LISTED COMPANY DIRECTORS 51 2 FCCISL News Alert Weekly Business Highlight 19th – 25th October 2009 7 MONEY AND BANKING 7.1GOVERNOR IN JAFFNA 54 7.2 'INDIA STORY' BACK AS FOREIGN MONEY SLOSHES 55 7.3 AMIDST HEAVY ACTIVITY ON BANKS 56 7.4 TEN PERCENT INCREASE DURING THIS YEAR 59 7.5 CENTRAL BANK TELLS BANK HEADS 60 8 FOREIGN EMPLOYMENT 8.1 MIGRANT WORKERS LEAD FOREIGN CAPITAL INFLOW 63 8.2 10% OF SRI LANKAN FOREIGN LABOUR FACED ABUSES 2001 64 8.3 MIGRANT WORKER REMITTANCES BUOY BALANCE 65 9 INFRASTRUCTURE DEVELOPMENT 9.1 COLLABORATE OR COMPETE TO SURVIVE AND THRIVE IN THE COMPETITIVE TELECOM MARKET IN SRI LANKA 68 9.2 TRC FUTURE THEME “BROADBAND FOR ALL” 70 10 ENVIRONMENTAL CHANGES 10.1 CLIMATE TALKS END IN DESPAIR 73 10.2 CLIMATE CHANGE AND JOBS 76 11 SMES 11.1 HP HELPS SMES WITH NEW PRINTER LINEUP 80 12. CONSTRUCTION INDUSTRY 12.1 FINACES PLAY VITAL ROLE 83 13. SHIPPING INDUSTRY 13.1 COLOMBO DOCKYARD RECORDS EXPORT REVENUE GROWTH 85 14. EXPORT AND IMPORT 14.1 INCREASING EXPORT TRENDS – GSP+ 88 15. LABOUR MARKET 15.1 EPC MOOTS LABOUR LAW REFORMS 91 3 FCCISL News Alert Weekly Business Highlight 19th – 25th October 2009 Development Economics 4 FCCISL News Alert Weekly Business Highlight 19th – 25th October 2009 The Island – October 19, 2009 DON’T MISS THE ‘LUXURY’ BUS THIS TIME! By Dr. Sirimal Abeyratne, University of Colombo The economist, D.R. Snodgrass is well known to many Sri Lankans who study and write about economic development in post-independence Sri Lanka. He wrote the first, most comprehensive book about development economics of Sri Lanka, titled Ceylon: An Export Economy in Transition, as far back as 1966. More than 3 decades later, he looked back at the Sri Lankan economy on which he once wrote such a valuable book, and wrote another paper. This was titled The Economic Development of Sri Lanka: A Tale of Missed Opportunities, published in 1999 as a chapter of a book edited by R.I. Rotberg. Today, 10 years after this publication, I begin to think whether Snodgrass would write an updated version of the Sri Lankan tale of "missed opportunities". How to miss the bus? Throughout the post-independence history, Sri Lanka continued to miss the development opportunities that it had, and even the unique opportunities that most of the other Asian countries did not have. Whichever way we analyze why Sri Lanka turned back when there were opportunities, they all melt down into two things – policies and politics! With all due respect and gratitude for ending the 25-year long civil war, with that historical event coupled to a global economy in a recovery phase, now there is a luxury bus waiting for Sri Lankans to get in, and we should not miss it too. Recent developments do not appear to be conducive to getting the economy on the right track. A glance at Sri Lanka’s position in the world shows a gloomy picture as reported by many international data reports. At the same time, even today, we are witnessing the improvements in many other countries in Asia which were once far behind Sri Lanka. In fact, we witnessed the same thing in the past too, and saw how Singapore, South Korea, Hong Kong, and Malaysia surged ahead leaving Sri Lanka behind. Where Sri Lanka is? The World Bank’s latest report on Doing Business ranks Sri Lanka 103rd out of 181 countries in the world in terms of ease of doing business. The composite index showing the ease of doing business is estimated using the number of procedures and documentations, time delays and money costs associated with conducting business activities. 5 FCCISL News Alert Weekly Business Highlight 19th – 25th October 2009 We can cheat ourselves saying that, there are still 78 countries below the Sri Lankan position. Similarly, sometimes we also repeat nonsensical statements like "we are the highest in South Asia". We should compare our standards with those of the best performing countries in the world in order to make sense. Singapore is the best country in the world to do business. Compared to Singapore’s ranking positions in many areas related to business, Sri Lanka performs badly. The latest report on Economic Freedom in the World by Fraser Institute shows that Sri Lanka’s position has deteriorated during the past 5 years (2003-2007). Strikingly, fast-growing countries like China, India and even Vietnam have improved economic freedom after 2004. It is important to note that, Sri Lanka’s total accumulated foreign investment for the past 30 years amounts to USD 3.5 billion, where as Vietnam annually received USD 3.5 billion in the past few years. Also it is important to note that Singapore and Hong Kong are always on top terms of economic freedom. Economic freedom is based on indicators representing the size of the government, legal structure and property rights, access to sound money, freedom for international trade, and regulatory mechanisms. Therefore, it is basically the government that restricts economic freedom in a country. The term ‘economic freedom’ is mostly misunderstood. It is also not regarded as equally important as political freedom. Often we forget to note that someone’s freedom cannot affect others’ freedom. In a situation where rule of law is wanting, people or institutions exercise their freedom at the expense of the freedom of others. We should know that ‘someone’s freedom to move their fist is limited by the proximity of the other’s nose’. South Asian countries were generally regarded as countries with high level of corruption. Few years ago, Bangladesh was reported as the most corrupt country in the world, but it improved remarkably during the subsequent period. India was another country with high level of corruption. During the past few years, India has made a remarkable improvement in reducing the level of corruption. Sri Lanka, however, has moved in the opposite direction. Another data source that can highlight Sri Lanka’s position in the world is the Global Competitiveness Report. The country competitiveness in economic performance is based on a series of indicators representing government efficiency, corruption, property rights, infrastructure, macroeconomic performance, education, health, market efficiency, technology and other. In the latest report of 2009-2010, out of 133 countries Sri Lanka is ranked 79th below India, China and Vietnam. Even in the case of competitiveness, Singapore and Hong Kong are on top among Asian countries. 6 FCCISL News Alert Weekly Business Highlight 19th – 25th October 2009 Getting the Economy on Track How do we put the economy on the fast-growing track in establishing conditions for sustaining 8-10 percent rate of economic growth for the next 25 years? There are few things we can do. =First, it is necessary to provide a competitive investment-friendly economic policy environment so that investors feel comfortable in investing in Sri Lanka than in another country. =Secondly, it is necessary to get the macroeconomic fundamentals in order by establishing conditions for sound fiscal management and strong balance of payments position. This will improve investor confidence for long-term investments, weaken the speculative attacks emerging through short-term investments, and lessen the government’s fear for budgetary outcomes. =Thirdly, it is necessary make the public sector more efficient and effective in order to minimize bureaucratic and regulatory hassles affecting economic activity. In fact, unless public sector reforms continue, it works as a serious bottleneck to rapid economic growth. =Fourthly, rule of law needs to be established not only by imposing laws, but also by enforcing laws in order to maintain law and order. In order to establish conditions as above, we need to do two things. The first is to identify our own weaknesses and correct them. The second is to look at Sri Lanka’s position in the world and take measures to improve them. The indicators provided by international reports on country positions in the world can be used for setting benchmarks for Sri Lanka to improve conditions conducive to rapid economic growth. Given the strong political stability of the country at the current juncture, it is the right time to make bold reforms and not miss the great opportunity that Sri Lanka has at this time.
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