Business
Economic Transformation Bill should be sent back to the drawing board: experts
by Sanath Nanayakkare
The proposed Economic Transformation Bill is not a carefully thought out document, therefore, the policymakers who played a role in drafting it should seriously reconsider it before making it a law of the country, a group of experts said last week.
They made this statement at a panel discussion held in Colombo on 18th June 2024. The All Union Alliance of the Board of Investment (BOI) of Sri Lanka, sponsored by the Free Trade Manufacturers Association, organized this event to raise awareness among investors and stakeholders about the potential consequences of the proposed Economic Transformation Bill (ETB).
The panel comprised Dr. Kalpa Rajapakse, economist/ senior lecturer at University of Peradeniya, President’s Counsel/ former BOI chairman Upul Jayasuriya, President’s Counsel Harsha Fernando and President’s Counsel Avindra Rodrigo.
They deeply delved into whether ETB would actually help attract foreign investments or repel them and they criticized the bill supported by facts and figures with sporadic sprinklings of compliment.
The following are some thoughts they expressed about the ETB.
The attempt to align with IMF conditions aims to enshrine IMF proposals into a binding law
Fiscal policies outlined in the bill mirror IMF recommendations from June 6, 2023, which could undermine Sri Lanka’s economic sovereignty.
Introduces new bureaucratic agencies that add more bureaucratic layers without addressing fundamental structural inefficiencies
Grant discretionary powers to ministers, affecting the transparency and effectiveness of the investment approval process
The sustainability of the proposed institutional structure is uncertain due to financial risks associated with improper allocation of funds.
The absence of a transitional period, driven by the urgency to introduce new reforms, increases the risk for investors during the operationalization phase.
Existing agreements are safeguarded under transitional provisions, but operational details under the new Economic Commission (EC) are still vague
Unpredictable tax regulations and frequent changes undermine investor confidence and operational planning
Comprehensive improvements to the Bill and rigorous implementation tailored to the local context is crucial
The bill is untimely, unwise, unscientific, undoable and undemocratic
Dr. Rajapakse called for collective effort to not only challenge the bill but also to propose alternative strategies that prioritize social responsibility and environmental sustainability. He emphasized the need for inclusive economic decision-making that incorporates insights from diverse stakeholders, including academia and civil society.
Gigalingua Lanka, a premier German language institute, officially launched in Colombo with a ribbon-cutting ceremony attended by distinguished guests, including Dr. Felix Neumann, German ambassador to Sri Lanka. This marks a significant milestone for Sri Lankan professionals, especially nurses, looking to expand their careers in Germany’s thriving healthcare sector.
In collaboration with its strategic partner Global Care Solutions (Pvt) Ltd – a renowned company in the foreign recruitment industry – Gigalingua Lanka offers a unique pathway for Sri Lankan nurses and apprentices to master the German language and pursue rewarding career opportunities in Germany.
Dr. Felix Neumann, the Chief Guest at the event, expressed his support for the initiative, emphasizing the importance of language education as a bridge to global career prospects. In his speech, Dr. Neumann noted, “German language is not only a means of communication, it is a gateway to global career opportunities.” He commended Gigalingua Lanka for providing valuable opportunities for Sri Lankans and addressing the critical demand for skilled workers, especially in the nursing sector in Germany.
Gigalingua Lanka is the first private institute in Sri Lanka to offer comprehensive German language training up to the B2 level, and conduct TELC exam. The institution also provides language training for apprentices, allowing them to undertake the Apprenticeship Program and contribute to the growing labor market in Germany. The collaboration between Gigalingua Lanka and Global Care Solutions is designed to meet Germany’s growing need for skilled workers, particularly in the healthcare sector.
The event was attended by a number of prominent figures, including Dr. Felix Neumann , Arthur Senanayake (chairman of IWS Holdings), Eran Wickramaratne – former MP, Chandra Schaffter – ( Founder of Janashakthi Insurance ), Dhammika Attygalle (Director Upali Group of Companies and President Automobile Association of Ceylon) Former Wing Commander Buwaneka Abeysuriya (Ex- chairman Janatha Estates Development Board).
Chairman of Global Care Solutions, Thomas Michael Kriwat, who is also chairman of the Mercmarine Group of Companies in Germany, highlighted the significance of the new training center. He said, “We are bringing world-class German occupational language training to Colombo, offering a structured, career-focused pathway for Sri Lankan professionals. By introducing TELC (The European Language Certificates) as an officially certified German language test authority, we are increasing accessibility for students seeking internationally recognized qualifications.”
At the thanksgiving speech, Dr. Rajan Sara, Managing Director of Global Care Solutions and Director of Gigalingua Lanka, outlined the critical need for foreign nurses in Germany. “Germany is facing a significant shortage of nurses, estimated to need an additional 150,000 by 2025. This is exacerbated by an aging population and increasing healthcare demands. Over 47,000 vacancies in the healthcare sector remain unfilled, making it an ideal time for Sri Lankan nurses to seize this opportunity,” Dr. Sara explained. (Gigalingua Lanka)
In keeping with its vision to consistently evolve and address accelerated business growth needs, Brown & Company PLC recently unveiled its new state-of-the-art manufacturing and warehouse facility in Katunayake. Strategically located within minutes of the Bandaranaike International Airport and the nation’s rapidly evolving highway network, the space is positioned to significantly enhance Browns’ logistical capabilities. The hub will enable seamless access to key markets across the island, further solidifying the Company’s principal role in a cross-section of industries.
The inaugural event of the Browns Group Industrial Park was attended by Ishara Nanayakkara, Chairman, Brown & Company PLC and Deputy Chairman, LOLC Holdings PLC and Kapila Jayawardene, Group Managing Director/CEO, LOLC Holdings PLC along with key officials from the Browns and LOLC Group.
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has successfully launched the highly anticipated vivo V50 smartphone, marking a significant milestone in its commitment to bringing 5G technology and pro-level mobile experiences to Sri Lankan customers, with the first customer handover taking place on 27th March 2025.
The vivo V50, designed in collaboration with ZEISS, combines advanced features such as a 50MP ZEISS OIS Main Camera, a powerful Snapdragon® 7 Gen 3 processor, and a stunning 6,000mAh battery, all housed in a sleek, ultra-slim design. Available at an attractive price, the vivo V50 delivers unmatched mobile performance for work, play, and creativity, offering features such as AI-enhanced photography, 4K video recording, and lightning-fast 90W FlashCharge technology. The vivo V50 also boasts a 41° golden curvature for a comfortable grip and a premium, cinematic mobile experience.
Dialog’s partnership with vivo underscores its commitment to bringing the latest in 5G innovation to Sri Lanka, providing customers with access to next-generation mobile experiences and empowering them to capture, create, and connect like never before. The vivo V50 is now available for purchase at Dialog’s Experience Centers and via https://www.dialog.lk/phones/vivo-v50-5g-12gb.
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Sun directly overhead Nainamadama, Sandalankawa, Kundasale, Mahiyanganaya and Kalmunanai at about 12:12 noon today [08]
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