The discussion on Corporate Sri Lanka between Malik Cader – former SEC Director General – with broadcaster Faraz Shauketaly, also the Chief Editor of Financial Chronicle Sri Lanka, discussed the challenges Sri Lanka faces in its recovery after Cyclone Ditwah, focusing on the role of Corporate Sri Lanka in the rebuilding efforts (0:19)
• Sri Lanka’s Resilience: Despite being repeatedly hit by natural disasters and economic crises, Sri Lanka has shown remarkable resilience (0:37).
• Devastation by Cyclone Ditwah: The recent cyclone has caused absolute devastation, with estimated rebuilding costs around $4 billion (1:37).
• Economic Impact and Reserves: The discussion highlights concerns about Sri Lanka’s reserves, noting that after accounting for the Chinese swap, the real value of reserves might be closer to $3 billion (6:12). If a significant portion of this goes to cyclone recovery, the country could face severe financial strain (6:44).
• Role of Corporate Sri Lanka: The conversation emphasizes the need for corporate Sri Lanka to contribute to the rebuilding efforts (4:41).
• Government’s Approach to Entrepreneurs: The guest criticizes the government’s budget for potentially suppressing entrepreneurs by lowering the VAT threshold, suggesting that increasing it would lead to better tax collection and encourage more businesses (8:17).
• Need for Big Ticket Investments: To overcome the current challenges, Sri Lanka needs to attract large-scale foreign investments, with examples like Samsung or Tesla setting up operations in the country (12:28).
• Dynamic Leadership for Investment: The speakers stress the importance of having dynamic individuals from the private sector, like Dhammika Perera or Mr. Mohan Pandithage to lead efforts in attracting major foreign investments (14:02).
• Government Facilitation: The government’s role is seen as facilitating these investments by being more open-minded and bringing in dynamic people who can think big (16:43).
• Infrastructure Reconstruction: Rebuilding roads and railways damaged by the cyclone is estimated to take two to three years (23:01).
• President’s Lavish Announcements: While the president has announced generous financial aid for affected citizens, the guest raises concerns about the source of these funds and the lack of transparency regarding the overall cost (24:05).
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