{"id":244298,"date":"2025-11-13T16:14:55","date_gmt":"2025-11-13T10:44:55","guid":{"rendered":"https:\/\/www.colombotelegraph.com\/?p=244298"},"modified":"2025-11-22T01:04:11","modified_gmt":"2025-11-21T19:34:11","slug":"if-the-private-sector-is-to-be-the-engine-of-economic-growth","status":"publish","type":"post","link":"https:\/\/www.colombotelegraph.com\/index.php\/if-the-private-sector-is-to-be-the-engine-of-economic-growth\/","title":{"rendered":"If The Private Sector Is To Be The Engine Of Economic Growth"},"content":{"rendered":"

By\u00a0Asoka S. Seneviratne<\/a>\u00a0\u2013<\/strong><\/span><\/p>\n

\"\"

Prof. Asoka.S. Seneviratne<\/p><\/div>\n

\u201cThe great advances of civilization have never come from government bureaus. They\u2019ve come from individuals pursuing their own interests \u2014 the private sector, not the public sector.<\/em>\u201d ~ Milton Friedman (Nobel Laureate in Economics)<\/p>\n

As Sri Lanka\u2019s economy stabilizes after a prolonged period of contraction and uncertainty, the next decisive phase must be to mobilize private-sector investment as the central driver of growth<\/b>. Fiscal consolidation, debt restructuring, and improved governance have laid the foundation\u2014but it is enterprise, innovation, and private initiative that must now propel the nation forward.<\/p>\n

The government has proven that discipline and reform can restore confidence. The challenge now is to translate stability into sustained, inclusive growth<\/b> of around 7 percent annually<\/b>\u2014a level necessary to generate employment, raise incomes, and reduce poverty. Achieving this is ambitious but realistic\u2014if and only if<\/i><\/b> the private sector becomes the true engine of growth.<\/b><\/p>\n

Foreign Direct Investment (FDI) will be a crucial component. With large external debt repayments due beyond 2027<\/b>, Sri Lanka needs not just more investment, but better investment\u2014targeted, strategic, and growth-enhancing. The government must therefore adopt a bold FDI policy framework that sets a clear, measurable target\u2014such as US$10 billion in FDI inflows within two years<\/b>\u2014supported by strong incentives and efficient facilitation. In other words, incentives should be carefully structured and proportional to the scale of investment<\/b>. Larger investors who bring substantial (i) capital, (ii) technology, and (iii) employment opportunities together capable of using local raw materials extensively should receive commensurate levels of facilitation and benefits. In short, the above is the focus and strategy.<\/b><\/p>\n

This strategy establishes a tiered incentive framework<\/b>\u2014where firms are rewarded not merely for investing, but for the magnitude and strategic impact<\/b> of their investment. Simply put, the greater the investment volume, the more comprehensive the incentive package<\/i>.<\/p>\n

It should be noted that Vietnam has set a target of US$15 billion annually and has achieved it through a Tailor-made incentive package as explained above. Furthermore, the State\u2019s role should shift from controller to strategic enabler\u2014creating an ecosystem that reduces risk, simplifies bureaucracy, rewards productivity, and ensures policy consistency. With the proper measures, Sri Lanka can transform its private sector from a cautious observer into a confident partner in national development<\/b>.<\/p>\n

1. Investment Climate Reform and Regulatory Simplification<\/b><\/span><\/b><\/p>\n

The single most powerful signal a government can send to investors\u2014local and foreign\u2014is clarity and consistency<\/b>. Sri Lanka\u2019s current regulatory framework remains (i) complex, (ii) fragmented, and (iii) slow-moving. Investors routinely face delays of several months for basic approvals, discouraging both entrepreneurship and innovation.<\/p>\n

The government must urgently launch an Investment Climate Reform Program<\/b> to eliminate red tape and restore predictability. A One-Stop Investment Facilitation Agency (OSIFA)<\/b> should integrate all key approval functions\u2014land acquisition, environmental clearances, tax registration, and utility connections\u2014under a single digital portal<\/b>.<\/p>\n

This portal must operate under a \u201c30-day approval guarantee\u201d<\/b> and automatically escalate unresolved cases to higher authorities. Regulatory procedures should be digitized, time-bound, and fully transparent. Furthermore, a Comprehensive Regulatory Review Commission<\/b>, with private-sector participation, should be appointed to modernize outdated laws and recommend annual updates to ensure competitiveness.<\/p>\n

The aim is simple: no investor should need more than 30 days to start a business in Sri Lanka<\/b>. This is achievable\u2014and it will send a clear message that the country is open, efficient, and serious about private enterprise.<\/p>\n

2. Strategic FDI Attraction Framework<\/b><\/span><\/p>\n

For decades, Sri Lanka\u2019s FDI inflows have remained below regional benchmarks. \u00a0 <\/span>A recent World Bank update shows that Sri Lanka\u2019s FDI inflows as a share of GDP have been well below<\/b> both the regional average and the peer group of “lower\u2010middle-income” economies. \u00a0 <\/span>UNCTAD data: In 2023, Sri Lanka\u2019s inward FDI was reportedly US$ 713 million<\/b>, and in 2024 around US$ 761 million<\/b>. \u00a0 <\/span>A report from Oxford Business Group noted that Sri Lanka averaged around 1.2 % of GDP<\/b> in FDI inflows over a five-year span, while some regional peers like Vietnam reached 4.9 %, Malaysia 3.1 % and Indonesia 3.0%.<\/p>\n

The reason lies not in lack of potential but in<\/b> lack of strategy<\/b>. The country must move from generic promotion to targeted investment attraction<\/b> aligned with national priorities.<\/p>\n

The proposed Strategic FDI Framework 2026\u20132028<\/b> should identify five key sectors:<\/p>\n

1. Renewable energy and green hydrogen<\/p>\n

2. Agro-processing and food exports<\/p>\n

3. Manufacturing and industrial technology<\/p>\n

4. IT, digital services, and knowledge outsourcing<\/p>\n

5. Tourism and logistics<\/p>\n

Each of these sectors should have a dedicated FDI package<\/b> that includes:<\/p>\n

* Performance-based tax incentives tied to exports, employment, technology transfer, and extensive use of local raw material<\/p>\n

* Fast-track land and infrastructure access within designated investment zones<\/p>\n

* Customs and VAT rebates for input imports<\/p>\n

* 100% repatriation rights for profits and dividends (i.e. legal protection and guarantees)<\/p>\n

To ensure coordination, the Board of Investment (BOI)<\/b> should be restructured into a performance-based, professional body led by sector specialists, with measurable quarterly targets.<\/b> A National FDI Task Force<\/b>, chaired by the President, should monitor progress and remove institutional bottlenecks.<\/p>\n

The goal is to attract US$10 billion in quality FDI within two years<\/b>, with long-term spillover effects in jobs, technology, and exports. With strategic alignment and presidential oversight, Sri Lanka can transform itself from a peripheral destination to a preferred investment hub in the Indian Ocean.<\/b><\/p>\n

3. Empowering Small and Medium Enterprises (SMEs)<\/b><\/span><\/b><\/p>\n

While FDI captures headlines, the true strength of a nation lies in its small and medium enterprises<\/b>. SMEs account for nearly 75% of employment and 50% of GDP in Sri Lanka\u2014but they remain constrained by high interest rates, limited credit access, weak technology, and fragmented market linkages.<\/p>\n

The government must introduce a National SME Empowerment and Competitiveness Program (N-SECP)<\/b> with three pillars:<\/p>\n

* Finance<\/b> \u2013 A low-interest SME credit line supported by development banks, with partial credit guarantees for new entrepreneurs and women-led enterprises.<\/p>\n

* Technology<\/b> \u2013 Creation of regional SME technology centers offering product design, packaging, and digital training.<\/p>\n

* Market Access<\/b> \u2013 Integration of SMEs into supply chains through subcontracting partnerships with large firms and FDI ventures.<\/p>\n

An SME Innovation Fund<\/b>, co-financed by the government and international partners, should be launched to promote R&D, automation, and value addition.<\/p>\n

If nurtured properly, SMEs will not just grow\u2014they will<\/b> multiply<\/b>. Each successful small enterprise becomes a job creator, a taxpayer, and a stabilizing force in the local economy. Empowering SMEs is not charity\u2014it is<\/b> strategic nation-building<\/b>.<\/p>\n

4. Export Diversification and Value Addition<\/b><\/span><\/p>\n

Sri Lanka\u2019s export basket remains narrow, heavily dependent on garments, tea, and remittances. To sustain high growth, the country must move up the global value chain through diversification and value addition<\/b>.<\/p>\n

A National Export Diversification Strategy (NEDS)<\/b> should be implemented to develop new export clusters in high-value industries such as:<\/p>\n

* Processed foods and organic agricultural products<\/p>\n

* High-tech apparel and textile innovation<\/p>\n

* Digital and financial services<\/p>\n

* Gem and jewellery finishing<\/p>\n

8Boat building and marine services<\/p>\n

Each export cluster must be supported by a dedicated infrastructure zone<\/b>\u2014with logistics, customs, testing labs, and warehousing facilities\u2014to minimize costs and delays.<\/p>\n

Trade facilitation reforms sho5. Infrastructure and Energy for Competitiveness<\/b>uld prioritize digitized customs clearance<\/b>, export credit insurance<\/b>, and fast VAT refunds<\/b> to exporters. At the same time, Sri Lanka must actively leverage trade agreements with ASEAN, RCEP, and the EU to access broader markets.<\/p>\n

By focusing on<\/b> value rather than volume<\/b>, Sri Lanka can increase export earnings, strengthen the rupee, and reduce vulnerability to external shocks.<\/b><\/p>\n

No economy can grow at 7 percent without reliable infrastructure. Energy shortages, port congestion, and transport inefficiencies impose hidden costs that undermine competitiveness. The government should therefore prioritize infrastructure modernization<\/b> as the foundation of private-sector growth.<\/p>\n

The creation of a National Infrastructure Pipeline (NIP)<\/b>\u2014listing priority projects for the next 10 years\u2014can help attract both domestic and international investors through Public-Private Partnerships (PPPs)<\/b>. Projects should cover ports, expressways, industrial parks, renewable energy, and logistics hubs.<\/p>\n

In energy, the focus must shift toward renewable generation and efficiency<\/b>. Solar, wind, and LNG-based projects should be expanded under transparent PPP models. The private sector should be empowered to generate and sell renewable energy directly to the grid at competitive tariffs.<\/p>\n

Upgrading industrial zones with reliable utilities, waste management, and digital connectivity will further enhance productivity. Smart Infrastructure Zones<\/b>\u2014where power, water, and data are integrated digitally\u2014can become magnets for advanced industries.<\/p>\n

In essence, infrastructure is not just concrete and steel\u2014it is the lifeline of competitiveness<\/b>.<\/p>\n

6. Governance, Policy Stability, and Anti-Corruption Framework<\/b><\/span><\/p>\n

Even the best-designed policies fail without trust and integrity<\/b>. The private sector invests where governance is predictable and corruption is minimal. Thus, institutional credibility must be placed at the center of economic reform.<\/p>\n

A Public Procurement Transparency Act<\/b> should be enacted to ensure that all government contracts above a defined threshold are published online, including tender evaluations and awarded prices. The Commission to Investigate Allegations of Bribery or Corruption (CIABOC)<\/b> must be strengthened by granting it financial independence, prosecutorial powers, and performance metrics.<\/p>\n

Equally important is policy consistency<\/b>. Investors should not be forced to second-guess tax rates or exchange policies. A National Policy Council<\/b>, chaired by the President and comprising senior ministers and business leaders, can ensure that key policies\u2014especially on trade, taxation, and investment\u2014remain stable for a minimum of five years<\/b>.<\/p>\n

By institutionalizing transparency and predictability, the government will send a clear message: Sri Lanka is a rules-based economy where integrity drives growth<\/b>.<\/p>\n

Summary and Conclusion<\/b><\/span><\/p>\n

Sri Lanka has reached a pivotal turning point. The foundation for recovery has been laid; now comes the test of transformation. Achieving 7 percent growth is not about chasing numbers\u2014it is about restructuring the economy toward private-sector-led expansion<\/b>, anchored in productivity, innovation, and global competitiveness.<\/p>\n

The six proposed policy and incentive packages\u2014ranging from investment reform and FDI attraction to SME empowerment, export diversification, infrastructure modernization, and governance\u2014offer a coherent roadmap. They are not theoretical aspirations but practical, implementable solutions<\/b> that can deliver results within two years.<\/p>\n

President Anura Kumara Dissanayake\u2019s reform agenda provides the political stability and integrity needed to implement such measures decisively. If executed with determination, Sri Lanka can convert its fragile recovery into lasting resilience<\/b>.<\/p>\n

As I have emphasized throughout this paper:<\/p>\n

\u201cEconomic sovereignty begins when the private sector becomes a partner in national progress\u2014not a spectator.\u201d<\/i><\/b><\/i><\/b><\/p>\n

Now is the time to act\u2014to empower enterprise, attract investment, and transform Sri Lanka into a model of disciplined, inclusive, and private-sector\u2013driven growth.<\/p>\n

*The writer, among many, served as the Special Advisor to the President of Namibia from 2006 to 2012 and was a Senior Consultant with the UNDP for 20 years. He was a Senior Economist with the Central Bank of Sri Lanka (1972-1993). He can be reached via asoka.seneviratne@gmail.com<\/i><\/b><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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