Sri Lanka this year was voted as one of the world’s top destinations for the leisure market and this is evidently seen with the numbers of tourists arriving into the country.
Sri Lanka will definitely improve if the country considers a change in the economic and tax policies structure in 2011. The ongoing policies do not suit the business model or climate of the country. Sri Lanka becoming a tax free country will increase the buying power of every citizen!
The country needs to be the investor’s top choice to succeed as a preferred investment destination through excellence, commitment and creative solutions which will further strengthen the economic growth of the country after winning a 28-year battle.
Sri Lanka needs to aim in becoming a major business hub been more dynamic, versatile and with a diversified economy. The country geographically located between the East and West will serve as the biggest re-exporting centre.
We need to build an excellent infrastructure, having low logistical and operational costs.
An international outlook with liberal government policies will attract investors in a big way. Activities ranging from trade, transport, tourism, industrial and finance will help the economy to achieve a high degree of expansion and diversification.
Why choose Sri Lanka as a investment location? The Sri Lankan economy enjoys a competitive combination of cost, market and environmental advantages that creates an ideal and attractive investment climate for local and expatriate businesses alike.
Sri Lanka has long been recognized as the region’s trading hub and has emerged as its key re-export centre.
We need to promote the following:-
- Meetings, conferences & exhibitions
- Tourism
- Corporate Regional headquarters
- Regional distribution and logistics centers
- Banking, Finance and Insurance
- Business and Industrial consulting
- Information and Communications Technology
- Light and medium manufacturing
This will definitely be possible if we have all the elements from having world class facilities, infrastructure in place, far-sighted, open and liberal economic policies.
- Open and no exchange controls, quotas or trade barriers /political and economic stability.
- Open and free economic system to attract investors and business/state control and regulation of private sector activities to be kept to a minimum.
- No direct taxes on corporate profits or personal income
- Customs duties to be low at 4% with many exemptions
- 100% repatriation of capital and profits to be permitted
- No foreign exchange controls, trade quotas or barriers
- Lliberal visa policies permit easy importation of expatriate labour of various skill levels
- Specialized free zones, world class seaports, a major international airport and cargo village and leading regional and international freight forwarders, shipping companies and insurers
- Additionally major international hotels, banks and financial service firms / lawyers, accounting firms, consultants, advertising agencies, top international exhibition and conference facilities. High quality office and residential accommodation, first class hospitals, schools, shopping centers and recreational facilities
- High quality of life, excellent living conditions
- Private sector needs to invest heavily in real estate such as hotels, residential and commercial properties, recreational and leisure facilities.
Sri Lanka’s downfall in tourism and loss of other business opportunities has been due to ‘poor marketing’ strategies. We need to market our country as ONE and not market it ‘individually’.
Sri Lanka is a country blessed with heritage and natural resources ,yet we still lose business opportunities to our competitors.
(The writer is Director Network, (ACR) Airline Cargo Resources Fz Co, ad the Dubai Airport Free Zone). |
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