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Into the Valley of Death

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Into the Valley of Death DECEMBER 2020 STARTUPS: P.18 INTO THE WHY SRI LANKA VALLEY OF CANNOT BE A DEATH SINGAPORE: A CHIEF FESTUS P.38 BUDGET REIMAGINING THE NEW NORMAL: HOW BUSINESS CAN COME OUT OF THIS CRISIS CONTENTS DECEMBER 2020 P.26 Listed company earnings tumble 60% in Covid-hit June quarter It was an unsurprising yet highly anticipated quarter! However, companies like Expolanka, a few export companies, and conglomerates like Hayleys P.18 and Hemas impressed Why Sri Lanka cannot be a Singapore: a Chief Festus budget Competition is the key to efficiency, not protection P.30 Covid-19: Ceylon Tea’s wake up call The tea industry is yet to come to terms with sustainability over the long term P.32 Vacancy: Chief Covid-19 Officer Every organization may not need a Chief P.108 P.120 COVID-19 Officer. But there is little doubt Dutch Treat? Disaster capitalism every company has to in the moral maze re-strategize its business No one knew the arts of canal building, to account for COVID'S dykes, drainage and land reclamation And do we really need psychopaths in limitations like the Dutch charge? CONTENTS DECEMBER 2020 P.38 P.42 P.50 Tech Startups: Reimagining the new The future of technology into the valley of death normal: how business can and digital payments Most tech startups don’t survive the come out of this crisis LankaClear is leading the valley of death. To sustain the ones that For Ganaka Herath, Managing Partner at transformation with innovative do survive, the investment landscape McKinsey Sri Lanka, resetting strategy methods for digital transactions. needs fixing, according to a pioneer may not be ideal way out of this Covid-19 economic crisis for most companies P.54 Port City: Sri Lanka’s Game Changer The CHEC Port City Colombo and Proposed Special Economic Zone is just the reset and reimagining the country needs right now P.60 Staying relevant in today’s data-driven world: Build customer- centricity and hyper- personalisation Data has gone from scarce to superabundant. That brings new benefits for companies ready to adapt and headaches for ones that aren’t. P.70 P.66 JLL’s Outlook for First Capital Colombo’s Holdings: thriving Property Market in a crisis The residential market The investment institution laid the is recovering fast due to foundations for a resilient business low interest rates, while years before COVID-19, and now its the market for office and reaping the rewards, and confident retail spaces is seeing a about a 2021 economic recovery gradual recovery CONTENTS DECEMBER 2020 THE P.76 GREAT Sunshine Holdings’ pursuit of stability and growth RESET: Stories from Echelon Studios P.80 Pan Asia Bank: a legacy built on innovation P.82 Coca-Cola is making sustainability a priority P.86 Sarvodaya Development Finance: rural-led economic growth P.90 Wimaladharma and Sons: building a timeless legacy P.94 How Nations Trust Bank re-adjusted its strategy before the pandemic hit P.106 P.96 How one legacy Allianz Insurance: property developer gearing for growth is intent on rising above any challenge P.98 P.104 P.102 ACCA: Opening A DoubleTree by Hilton Weerawila How to build a World of Opportunities Rajawarna Resort: An unshakable global startup belief in tourism’s potential Editor’s Desk Entrepreneurial ecosystems The pandemic has set into a spin Sri Lanka’s ramshackle tech startup ecosystem. The damage here can be far-reaching as most startups, scrambling to build prototypes with a limited amount of money borrowed from family and friends or some angel funding, will run out of capital and also enthusiasm for building a business. That’s the pandemic’s tragic outcome, its ability to sap the energy out of the best and brightest. However, to focus on startups as the lynchpin of an entrepreneurial ecosystem is a misplaced Innovation ecosystems, obsession. Innovation ecosystems have emerged unlike entrepreneurial in countries with big groups of medium to large ecosystems, require large companies co-financing innovation. and small companies Venture capital’s role in furthering an innovation ecosystem can also be overrated. to be co-financing Venture capital funds are not providing the kind innovation alongside the of patient long-term finance needed for radical public sector innovations. They are far too shortsighted for that, given that their profitable “exit” - through a sale to a bigger company or an IPO in, at most, five years - is inconsistent with the long time needed for innovation. The most patient long term capital globally has come from governments. Currently, a leader in this is China, with its last 5-year plan committing $1.7 trillion to several sectors like IT and environmentally friendly technology where it wishes to establish leadership. Innovation ecosystems, unlike entrepreneurial ecosystems, require large and small companies to be co-financing innovation alongside the public sector. With its strained public finances, Sri Lanka’s options are limited. But it’s government budget for 2021 has promised public-sector involvement in the innovation ecosystem. If achieved, it could be the missing catalyst. SHAMINDRA KULAMANNAGE, EDITOR-IN-CHIEF Facebook YouTube JOIN THE ECHELON COMMUNITY @echelonmag Echelon Magazine Write to us, tweet us, tag us on Instagram: We promise to read each and every one of your comments. Twitter Instagram @EchelonMag echelon_mag LinkedIn Echelon Magazine Sri Lanka MASTHEAD EDITOR-IN-CHIEF Shamindra Kulamannage DEPUTY EDITOR Devan Daniel CONTRIBUTORS Shihaam Hassanali COLUMNISTS Bellwether, Chanuka Wattegama, Nick Hart, Mahadiya Hamza DESIGN & LAYOUT Ashwini Chandrapala, Ricky De Silva, Saheli Karunaratne, Reka Tharmakulasingam, Teshan Perera PHOTOGRAPHY Preveen Rodrigo, Shafraz Farook EXECUTIVE DIRECTOR Antoinette Ludowyk HEAD OF SALES BUSINESS MEDIA Wazim Ahamed HOW TO ADVERTISING & SALES Kushanthie Abeyratne, Niluksha Myelvaganam REACH US PUBLISHER Echelon Media (Pvt) Ltd CHAIRMAN Channa De Silva ADDRESS No 15, Station Road, ISSN 2362-1001 Colombo 3, Sri Lanka. T: 011 2577387, 011 2573001 For reprint information, write to [email protected] www.echelon.lk This Magazine supports the Press Complaints Commission of Sri Lanka HOW TO REACH US [email protected] RIGHTS OF READERS SUBSCRIPTIONS The Editor and the journalists of this magazine respect the “Rights of www.echelon.lk/home/subscription Readers” and endeavour to follow the Code of Professional Practice of The Editors’ Guild of Sri Lanka, which is implemented by the Press Complaints Commission of Sri Lanka. If you have a grievance against us, you are © 2020 Echelon Media (Pvt) welcome to contact us directly and we will strive to provide redress to you. Limited. All rights reserved. No part of this publication If you are not satisfied, you could complain to: The Press Complaints may be reproduced or Commission of Sri Lanka (PCCSL) distributed in any form without the prior written For further information contact permission of the publisher. 96, Kirula Road, Colombo 5 The views and opinions Tel: 5353635 Fax: a5335500 expressed in this publication E-mail: [email protected] are those of the authors. Web page: www.pccsl.lk THE PRICE SIGNAL | BELLWETHER THE PRICE SIGNAL WHY SRI LANKA CANNOT BE A SINGAPORE: A CHIEF FESTUS BUDGET Competition is the key to efficiency, not protection BY BELLWETHER Sri Lanka aspired to be a Singapore after liberalizing trade and ending a closed economy of the 1970s, but it all failed as the currency collapsed, triggering unrest and strikes while smouldering nationalism ratcheted up into a civil war and later, trade controls came back. All economic activity was tied up in draconian import and exchange controls while the central bank bought Treasury bills to finance the deficit. The 2021 budget has taken the country back to the 1970s era with all efforts to 'save foreign exchange' amid the worst money printing in its history, and looming sovereign default with the credit rating at 'CCC' which is barely above default. Sri Lanka is effectively locked out of bond markets. Most Latin American countries with bad central banks, that engaged in import substitution to save foreign exchange and boost domestic industry, also ended up in sovereign default. The greed to make easy profits through the exploita- tion of the common people through high tariffs and import substitution, flowers under soft-pegged central banks which create forex shortages. There is also a profound lack of understanding that trade and current deficits are created mainly by deficit spending with foreign borrowings, with private individuals being net : SAHELI KARUNARATNE savers who buy Treasury bills. For this, not only politicians should be blamed but also Mercantilists who are labelled economists in this country who have doctorates from for- eign universities. ILLUSTRATIONS BY 18 ECHELON.LK DECEMBER 2020 THE PRICE SIGNAL | BELLWETHER DECEMBER 2020 ECHELON.LK 19 THE PRICE SIGNAL | BELLWETHER as licenses and selling overpriced grain to chicken farmers and feed mill- ers. Shoes of school children continue to be taxed heavily to give profits. Owners of Sri Lanka's 'infant industries' have sent two generations of their own children to study at foreign universities while children of poor families are struggling to buy food. This is in sharp contrast to Singapore which created free trade in a single day in 1967, or Vietnam which had no private enterprises to oppose free trade when the Communist Party decided that self-sufficiency had failed. CHIEF FESTUS Singapore’s Prime Minister Lee Kwan Yew once recalled having met the then Finance Minister of Nigeria, Chief Festus Okotie-Eboh in 1966 at a Commonwealth meeting in Lagos. "I will never forget Chief Festus," Prime Minister Lee Kwan Yew said at a meeting of African Leaders in Lagos in 1993. “We had sat opposite each other at a formal dinner at the hotel where we were all staying and where the conference was held.
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