SPEECH BY HIS EXCELLENCY SARATH WIJESINGHE AT THE SEMINAR/WORKSHOP ON INVESTMENT, TRADE, BUSINESS PROMOTION AND BANKING (SRI LANKA AND UAE) AT HNB TOWER ON 13TH JANUARY 2011
The workshop organized jointly by the Sri Lankan Embassy in the UAE and the HNB is one of the most important and promising attempts taken in order to promote our Trade, investment, investment promotion, tourism, business promotion, employment promotion and generally the economy of Sri Lanka which is in the upward trend. Diplomatic Missions are now expected to break away from the shell of traditionalism, conventional practices and to be geared to be vigorous and aggressive in promotion and implementation of Government policy. The cooperation and assistance extended by Hon. Minister Rishad Bathiutheen, the Minister of Trade and Commerce and his team in this process is invaluable. It is the combination of these forces that developed and brought up this difficult mission and we hope the outcome of this workshop will benefit the Nation in achieving the expected goals in the near future. In this context His Excellency Mahinda Rajapaksa the President of Sri Lanka has made the following revolutionary and innovative declaration at the Parliament in the Second Phase of the assumption of duties as a trustee of the Nation:
I quote “
Hon. Speaker, foreign offices maintained by the Foreign Employment Bureau, the Tea Board, Department of Commerce, and other agencies will be brought directly under the supervision of the Sri Lankan Embassies abroad so as to provide a one stop service. Once officials are posted, they will be required to work under the direction and supervision of the respective Ambassador. All Promotional activities will be undertaken only through this coordinated strategy. The scope of the responsibilities of Ambassadors will expand beyond the traditional diplomatic functions to include responsibilities relating to investment, trade and economic affairs.” Unquote
Diplomatic Missions
Diplomatic missions reflect the image of a Nation and are vehicles to impart the economic, social and cultural developments and values to the world. Today the Ambassadors worldwide are bestowed with additional responsibilities as agents, guardians and promoters of the Nation. Diplomatic Missions need the support and assistance of the State, Private sector, the expatriate community and an efficient, educated and dedicated staff. In that spirit the initiative and the cooperation extended by HNB, a pioneer and one of the most powerful and widespread banks in Sri Lanka is commendable. We are pleased to launch this with the help of Mr. Rienzie Wijetilleke, one of the most senior and respected bankers reputed worldwide and the HNB which has the highest reputation globally. It is time that we work hand in hand with the State and the Private sector. May I take the opportunity to give credit to our banks and the bankers in South Asia for withstanding the resistance exerted during the world economic crisis and downturn, when the entire banking system in the West and globally was crumbling. We stood straight undeterred and I think the force behind this success is our stable banking system protected and cemented by people of the caliber of Mr. Rienzie Wijetilleke and his colleagues in South Asia. Today it is the turn for Asians. India and China are emerging new world powers and economies when Sri Lanka is aiming to be the Wonder of Asia.
Banks are an integral part of any democratic and economic system, though influenced by the world economy and the political order. It is opportune that His Excellency Mahinda Rajapaksa has appointed highly respectable business and banking leaders in the private sector to head public institutions in line with “Mahinda Chintana”- the document on which the Government Policy is based upon.
Foreign investment is an important ingredient in Asia, when there are 192 nations awaiting for investors and investments. Investors will need fertile economic situations in order to invest their funds and experience for a better return in this most competitive world. They need security, stability, educated and committed labour and an atmosphere to do business with and to perform their business activities and industries. It is a good news that we are geared to offer good economic order and industrial conditions as we are fully fledged with the ingredients and requirements to be perfect partners in this competitive world. The world has now realized that Sri Lanka is one of the most stable, secured nations and sought for Nations for business. Sri Lanka no longer needs PR Companies to promote the Nation. It is already promoted and it is the duty of the “Diplomatic Missions” to maintain and enhance the economic developments and the image. It is no exaggeration that Sri Lanka is blessed with one of the most powerful democratic governments in the world. This strong Government was elected democratically and Sri Lanka can be proud of being a country with an excellent human rights record and a machinery to maintain and enhance human rights and fundamental rights for which there is an effective machinery legally, constitutionally and otherwise. When most of the democracies are shaky and crumbling we stand firm and undeterred as a powerful democracy. United Kingdom, France, Italy, Hungary, EU and other countries such as Pakistan, Iran Afghanistan, Gaza have enormous problems. We are extremely sorry about the situation around us. At the same time we are fortunate that His Excellency Mahinda Rajapaksa has successfully eradicated the terror regime which has engulfed us for 30 years. It is with the dedication, commitment, determination and vision of His Excellency Mahinda Rajapaksa and his team that we are breathing the taste of peace after three decades of horror and misery. Today we are in a position to offer security and stability to the world that is required for investors and investment.
The topic of the workshop today is investment and investment promotion and economic development in relation to UAE and Sri Lanka. UAE today is one of the most powerful economic giants. 61 years ago UAE has been a barren desert with no resources. Fortunately the oil given by God to them are being wisely invested with future foresights by His Highness late Sheikh Zayed Bin Sultan Al Nahyan . I would take this opportunity to thank His Highness Sheikh Khalifa Bin Zayed Al Nahyan (President of UAE) for his support and assistance to Sri Lanka. and his family which has made UAE one of the most powerful and stable economies in the world. Though UAE emerged with oil they have now diverted to other areas having realized the uncertainties and realities of the world. It is in that spirit that Dubai emerged as the hub of the business industry in the Middle East and as a platform for business between Middle East , Africa and the other neighbouring countries. The port and the airport in Dubai are sophisticated, active, efficient and most modern and no second to any other port or airport in the world. There are 38 functioning Free Trade Zones in the UAE which are very effective about which my colleagues will address and answer on the economic situation in the UAE and secrets of their success based on far sight, dedication and hard work of the Rulers and the people. It is interesting to note that one of the main incomes in the UAE is on tourism though it is a desert with minimum resources. Water is purified from the sea. In tourism they use the desert for desert safaris. We should not be ashamed to learn from others and from our mistakes. We are blessed with one of the beautiful countries in the world with excellent climatic conditions, beautiful sceneries , wonderful waterfalls, greenery, wildlife, beautiful rivers and also archaeological sites of historic importance. It is noteworthy to inform that we have over 250,000 archeological sites. Have we really explored our natural wealth which is as powerful and valuable as oil in the desert? It is true that tourism is booming in Sri Lanka , but are we ready to receive tourists? Have we got sufficient rooms, infrastructure, know-how, machinery road net work are things that we have to consider long term and short term. Fortunately we have a dedicated Minister of Economic Development who works round the clock who has understood the realities and challenges.
Investment
Sri Lanka is one of the most sought for tourist destinations for investment. But I am informed by some prospective investors that they are finding it difficult to get things done due to various logistic and traditionalism. This is an area where we have to learn from others. My colleagues will brief you on one-stop-shop procedure in the UAE which has attracted investors.
Why should an investor invest in a country other than his own country? Surely the ultimate goal for an investor is for better returns for their investment and experience. If we understand these realities and agree on consensus safeguarding our own interests such as safeguarding environment, culture, landscape we can look forward to be a unique nation leading to achieve our targets.
Our Nation has lot to offer and the capacity to work together with the UAE and the Middle East as the capacity is enourmous. The Arabs from the Middle East during their voyages on business thousands of years ago traveled towards South Asia via Sri Lanka in the famous silk route which has now reviewed after the emergence of Hambantota Harbour which has a capacity and potential to attract 36,000 ships per year. The harbour project has number of satellite projects such as the Airport, Free Trade Zone and industries where the two nations can work together. UAE has invested heavily on Sri Lanka and Sri Lanka in return has invested heavily in UAE through expatriate labour which is amounting to about 250,000. In the UAE 80% of the population are expatriates who serve the host country as well as the country of birth. This indicates our potential for employment in the UAE especially who are youngsters. Arabic language is fast drawing and opportunities in the Middle East are enormous. The Sri Lankan Embassy in the UAE has made arrangements with the help of the UAE Government to facilitate Sri Lankan youngsters to learn Arabic which is a passport for them for employment in the Middle East. We are in the cross roads towards development and prosperity. No development can achieve in isolation in this modern world where information is transmitted in a second with a click of a button. The good news is that we are ready and geared to development by target of improving IT literacy to 75 %. We started with 5% and currently reaching the target of 45%. Thanks to the vision of His Excellency Mahinda Rajapaksa who has initiated this project with the help of the network of over 600 Nenasalas. Our target is to be the Wonder of Asia in few years. I presume the atmosphere is conducive to achieve this goal and we are in the right direction towards the success and what is needed is commitment and dedication.
Our targets are achievable towards a peaceful, developed, just and prosperous society based on good governance and economic prosperity. Now that we have partly achieved the target by performing the miracle of eradicating the terrorism which the world was watching in disbelief achieving the next goal of fighting for development is definitely an achievable object. Therefore we invite the State sector and the business community including the bankers who has set an example to work hand in hand with the Diplomatic Missions worldwide to achieve our expected goals and aspirations to be the Wonder of Asia sooner than expected.
