Fake consultants undermine investor confidence, says Senior Expert
The Government needs experienced, professional consultants in facing capability gaps that constrain planning, convergence, and coordination for driving growth, gaps in data availability hamper evidence-based decision-making in the implementation of public investment projects, a senior expert urged.
These consultants can help with areas like project planning, feasibility studies, financial analysis, and project management. Managing Director of EML Consultants PLC Avanthi Jayatilake told The Sunday Times Business.
The Finance Ministry has renewed efforts to promote public investment projects making the role of qualified consultants in guiding projects become increasingly crucial.
However, a concerning trend has surfaced—investors, both local and foreign, are being misled by unqualified individuals posing as professional consultants, he cautioned.
These self-styled advisors often
lack formal credentials, industry experience, or membership in regulatory bodies, yet manage to present themselves convincingly.
By offering exaggerated projections, fast-track approvals, or guaranteed returns, they lure investors into ventures that frequently result in financial loss, regulatory complications, or complete project failure, he added. .
Such incidents not only hurt individual investors but also damage Sri Lanka’s reputation as a secure investment destination,
Despite these risks, Sri Lanka continues to be home to a wealth of reputable consultancy firms offering expert, cost-effective, and locally grounded guidance, Mr. Jayatilake elaborated.
Their understanding of national regulations, cultural dynamics, and sector-specific challenges makes them invaluable partners in ensuring investment success, he pointed out.
Only by holding consultants to professional standards can Sri Lanka build a truly investor-friendly environment built on trust, transparency, and competence, he added.
To prove this point, he disclosed that his company is the only firm listed in the Colombo Stock Exchange as receiving top-tier ISO certifications—ISO 14001:2015 for the Environmental Management System and ISO 9001:2015 for the Quality Management System
It has now initiated an artificial intelligence-(AI)-driven agriculture project in Australia for enhancing feed and farm management procedures.
This project is focused on integrating AI, machine learning, and data analytics to optimise various aspects of agriculture like precision farming, irrigation management, pest and disease prediction, yield estimation, and supply chain management.
It creates create opportunities for Sri Lankan professionals to be employed in overseas projects, with knowledge transfer and capacity building.
Beyond Australia their overseas operations encompass various regions, including South Asia, West Asia, Central Africa, and the Pacific Islands, he said.
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