Sri Lanka the next international hub, Financial Times (Sri Lanka)

       
                           I have never shied away from articulating my faith and confidence in the Sri Lankan economy, inboth the good times and bad. My significant investment in Asia Capitalis not the only example I can show to support my claim.

It is a well known fact that I have been steadily investing in Sri Lanka through this last decade in prime industries such ashospitality, finance and even in conglomerates like John KeellsHoldings. But what I find amusing and at times perplexing is how I am seen as a foreigner invading Sri Lankan territory, by local businessmen, due to my substantial shareholding. I have repeatedly tried to explain that my roots are in Sri Lanka - grandfather Saravanamuthu Pillai migrated from Jaffna to the then British Malaya to work in the Malayan Railways in the early 1920s and I have grown up on stories of this beautiful and brave island. My wife is Sri Lankan and her family continues to live in Colombo. I have been visiting Sri Lanka since I was a young boy and consider it my ancestral home.

My investments in Sri Lanka have always been made on the basis of my strong belief in the fundamentals of this country. And as anyone can see, I have been proved right once again, considering the remarkable results posted by Asia Capital PLC (of which I hold 87%). For this, I commend Mano Nanayakkara, Chairman and MD of Asia Capital and his team for their excellent work in resurrecting a company which was tottering on the brink of collapse - a job well done. I very strongly believe and I had said this before - Sri Lanka has the potential to be an international hub like Hong Kong, Singapore and perhaps even Dubai. All of them are natural geographical hubs on the map, with the ability to grow and develop simply by virtue of being hubs. The nature of these hubs is such that no matter what happens, they have the ability to bounce back relatively quickly, after a negative turn. A key component in the success of small countries like Hong Kong and Singapore are its people. I can say the same for Sri Lanka, as I see this tiny island begin to rise like a shining star with the spirit of entrepreneurship bursting at its seams. It is now time for Sri Lanka to gear itself for the next step; to model its business infrastructure to attract the right investors. The facts speak for themselves. The Sri Lankan economy has been remarkably resilient in recent years despite the conflict. The country's GDP expanded by 7.1 per cent year-over-year in the first quarter, driven largely by its strong agriculture and services sectors, robust industrial production and soaring tourism. Despite the 26-year-old civil war and the ravages of natural disasters like the tsunami, Sri Lanka has registered a strong growth in the first decade of the 21st century, averaging about 6.4 per cent in the last six years and has a GDP of $48 billion with a per capita income of $5300. Notably, the nation's per capita income doubled in a period of about five years while war was raging!

A key factor behind this development and economic growth is government spending. The end of the civil war has opened up the north and east of Sri Lanka to increased crop production and has reduced the cost of food products and rapid development projects are taking off on the ground, such as the construction of the massive Hambantota Port.

Most importantly, peace and expectations of rapid economic growth have already started attracting foreign investment. Last year Etisalat, UAE's largest telecom services provider divulged plans to invest approximately $163-million over six months to expand its 3G network in Sri Lanka. A few months ago, Minor International, Thailand's biggest hotel operator, acquired a controlling stake in Kani Lanka Resort & Spa, at an estimated US$ 22 million to take advantage of increased tourism to the island.

Sri Lanka does not need any large billboards to advertise its potential because the whole world can see it, but businesses need an entry point and a conduit to operate through. If these channels are blocked by red tape and unnecessary regulations, the opportunity created in this last year could be all but lost. We must also not forget the vast network of the Sri Lankan Diaspora that is spread across many countries, but has its roots firmly entrenched in the motherland. In recent times inflows of remittance Payments from Sri Lankan migrs living overseas are soaring and will likely continue. The Diaspora are perfectly positioned to partner with Sri Lankan businesses, looking to go international. This not only helps smooth the road to business opportunities, but also helps forge cultural and aesthetic ties with the brethren living outside the island.

Speaking of culture, I was delighted to be part of a recent project by Asia Capital that helped showcase the land of my ancestors in all its Glory. A beautiful coffee table book titled Glorious Jaffna, a pictorial representation of the splendors of the peninsula was put together by two talented employees of Asia Capital with our full support. We hope to use this book as a tool to raise funds for an education project in the North.

According to the University Grants Commission (UGC) of Sri Lanka, the country's youth literacy rate stands at a remarkable 98%! The United Nations Development Project (2009) report on ranking of countries by literacy rates shows Sri Lanka at No.94 with a literacy rate of 90.8%, way ahead of its neighbour India at No. 149 with only a 66% literacy rate. The high literacy rates, low mortality rates and the steadily declining population growth, reflect the country's progress in the sphere of social development as well.

We are now in a brand new year that is brimming with exciting opportunities and endless possibilities. In the Asia Capital Annual Report 2010, its Chairman Mano Nanayakkara says that 2011 will be the year of consolidation, recovery and growth. The company is undertaking a restructuring exercise in order to reposition itself as an investment firm. I believe that the Sri Lankan economic strategy would benefit by following this cue. 2011 should be a time for consolidation, for gathering up forces, marshalling energies and bringing together the many aspects that are necessary for positioning Sri Lanka as a world class economy.

(Entrepreneur businessman Vijay Eswaran is the founder of multimillion-dollar global conglomerate QI Group. Eswaran is also a philanthropist who has generously donated to several institutions in Sri Lanka, including providing the country's only paediatric laparoscopy machine to date to the Lady Ridgeway Hospital. He is the majority shareholder of Asia Capital and a significant investor in the Colombo Stock Market.)

Sri Lanka -Lanka Gazette

                                                                                                                         Sri Lanka is a beautiful country which can make an amazing travel destination. A country which is famous for tigers and Tea gardens, which produce the best tea in the world it also offers great bio-diversity. Beaches and mountains and green meadows, Sri Lanka has it all. It is a great destination for Buddhists all over the world. A fascinating geography with an enticing history makes it a favorite destination of travelers from all over the world. Today it has a well developed infrastructure at par with the developing nation's Lanka can provide world class facilities to any distinguished traveler.

To know more about this country and the current Lanka news, there is no better site than the Lanka Gazette. This site offers you link to all top stories from business to sports entertainment and security. Get to read the Daily Mirror, Daily News, Sunday Times, The Sunday Observer, The Sunday Leader and many more.

In case you have less time to spare Debrief News is just for you. lanka news can be watched on videos, which go along as Debrief News. News is important to all the citizens of the country who are staying away the residents to travelers for business men and travelers. As all countries in the world have economic ties it is also necessary for economists all over the world to find out what is going on in all corners of the world. Lanka Gazette caters to all by providing lanka news> in all the segments in all the walks of life.

The election of the 14th Parliament has a special segment and all news relating to this happening can be accesses through this segment. This can prove helpful to researchers, politicians and students.

People who are not physically present in the country and want to get a clear and a true picture should head for this site if their interest lies in Sri Lanka.

Read Lanka Gazette and find out all you wanted to know about this lovely island nation.

Sri Lanka revisited After 14 years, and peace restored

                                                                                                                                                                     The increasing levels of investment and wealth are evident everywhere. In Galle, I visited a boutique hotel which is now being rented out in high-value packages. The owner has spent a considerable sum in tastefully redecorating a lovely old house to international standards, putting in a beachside pool, beautiful antiques throughout , combined with comfortable furnishings and modern bathrooms.

When you arrive at Negombo airport these days, the duty free goods on offer include fridges, washing machines and dishwashers. Apparently these high-value consumer durables are much in demand by returning cash-laden Sri Lankan workers from Dubai and other parts of the world.

The road into Colombo is lined with new, or under construction showrooms, for all the desirables of modern living- European kitchens and bathrooms, marble flooring, cars and gleaming tractors.

The road surface from the airport has been upgraded and widened, though passage through Colombo itself is still a suspension-destroying chicane of potholes.

Massive hotels and Casinos are under construction or now completed, and the colonial-era colonnades of the old town look ripe for re-development as a tourist enclave.

The city itself was abuzz with visits from neighbouring heads of state, and while security was tight, you are no longer stopped at regular intervals by machine-gunned checkpoints, or held up by VIP motorcades crossing the city at speed at any time of day or night .

The newspapers, besides the usual glowing encomiums to the achievements and wisdom of the powers that be, still feature horror stories of death tolls from speeding private buses in the side columns between the sports and fashion features.
Speeding private buses

The deadly contest played out daily on Sri Lanka's roads may be an instructive natural experiment for economists interested in comparisons between private and state provision of services.

The throaty roar of the souped-up diesels of the private buses , spiked with a bottle of petrol per tank to give better acceleration, is a familiar sound to drivers on the narrow coast road to Galle.

The hairy swerving and dodgem' driving of their apparently insane owners contrasts with the lumbering, relatively sedate progress of the government buses plying the same route.

The private operators are competing with each other in a ideologically -sound free market, to be the first to reach the next stop, and the reward of paying passengers who are keen to select the fastest (and therefore fittest?) private bus.

The incentives of a full bus to the operators are obviously great, justifying the 2 year engine replacement cycle that is a consequence of adding petrol to your tank, and the attrition rate from the too-frequent, too-often fatal collisions, that anecdotally are more common in the private fleet.

Pity the poor passengers, apparently knowing these dangers, yet paying a little more for the excitement and thrill of a private bus ride, since the Government buses are too far and few between to meet the demand.
English language rehabilitation

An important lesson about an underlying cause of conflict in the sorry recent history of Sri Lanka seems to have been learnt. English language learning is now being endorsed as an uncontroversially good thing. No doubt tensions and pressures remain in Sri Lankan society. No doubt triumphalism and chauvinism remain as dangers that could rekindle violent responses.

But as long as national educational resources are being aligned with an essentially fair distribution of economic opportunities, through making the international business language a key medium of communication for the business of the state, hope exists that steady economic and social progress will prevail as the ruling paradigm.

Astrowix provide PMP certification in Sri Lanka

 

AstroWix has been involved in the advancement and development of Project Management for many years through its support of and participation in the Project Management Institute. It provides training in project management .These trainings are mainly geared towards the preparation for taking PMI's Project Management Professional (PMP) Exam.PMP Certification Sri Lanka is considered one of the most respected trainings and is equipped with best of the instructors imparting their knowledge and sharing their experiences. Professionals in Sri Lanka are putting a lot of effort into becoming competent project managers.PMP Certification Sri Lanka will not only help professionals to learn to complete in the current challenging economic environment in successful organizations but also embrace project management as part of their overall strategy to achieve business results. This three-day instructor-led PMP training Sri Lanka provides st udents with the knowledge and skills to build, maintain, and control well-formed project plans. It shows you how to drive the tool through each stage of the project management life cycle and offers multiple best practices for using the software while defining, planning, executing, and closing a project. A project manager has to deal with a range of people such as project sponsors, vendors and experienced professionals. Therefore the project manager needs to deal with a number of competing pressures. Such pressures will be easier to deal with having taken PMP Certification Sri Lanka as undergoing this training will inculcate the required skills and provide the required expertise for planning and implementing projects effectively. Also it helps in boosting the morale of professionals encouraging them to learn more and perform better for the desired results.PMP Sri Lanka is a highly customized workshop including practical exercises where partic ipants will be required to apply their learned knowledge on the real life scenarios at their respective organizations. Implanting project management in organizations will help improve the organizational culture and build a more cooperative environment.

Running projects and taking it to the finish line is very crucial with the burden on the project leader. And with this steps in the role of Project Management leading the way to execute projects towards completion. The change over from traditional to accepting the project management does not come easy. Where the managers are habitual in giving out orders and taking the key decisions, project management is a complete transformation. In the new scenario every team member is a key player requiring them to give their ideas and views and also form a part of the decision making. Therefore PMP Sri Lanka will open the doors and provide a good platform for the existing project managers to enrich their knowledge in project management and achieve success with great ease.