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Skills Deficiency Blocks FDIs

Rajendra Theagarajah

Photo by Thusitha Kumara
Some 30 top brains in a public quoted commercial bank had a brainstorming session on Monday  where Budget 2013 was dissected , whilst also analyzing as to why foreign direct investments (FDIs) were not flowing in as fast as one would have had expected.
Rajendra Theagarajah, Managing Director/CEO, Hatton National Bank plc, speaking at a seminar in Colombo on Monday said that the conclusion that they arrived at was the lack of skilled labour as being the reason for this state of affairs. He said that three years after the war end, tremendous were the opportunities that were beckoning the island.
Budget 2013 has given a thrust to the development of the corporate debt market, on research, corporate planning, treasury and academia as a business.
Theagarajah also said that one has to be mindful of the fact that the state is the biggest player in the economy, taking a 60-65% share of the market.
He said that such numbers are buttressed by institutions such as state owned Ceylon Electricity Board and Ceylon Petroleum Corporation and the role they play in the economy. Theagarajah further said that Treasury Secretary Dr. P.B. Jayasundera speaking at a pre-budget seminar had said that the private sector is not the engine of growth, but is an important component of growth.
The public sector is playing a major role in the post war economic renaissance of the island.
He also stressed the importance of being equipped with good communication skills if one were to go up the ladder in the corporate world.
Other attributes were self confidence, hard work and personal grooming.
Boardroom requirements of a director included qualifications, experience, unimpeachable integrity, temperament and of being technologically savvy.
The occasion was the CFA Sri Lanka awards ceremony (see also business editorial found on page 34).

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