GSP+,new technology will enhance country’s competitiveness – PM
The GSP plus concession is the lynchpin to build our outward-looking, export-oriented economy which will provide jobs and increase incomes, Prime Minister Ranil Wickremesinghe said.
The premier was delivering the keynote address at a forum organized by the European Chamber of Commerce in Sri Lanka, on ‘Sri Lanka – The Next Asian Economic Miracle?’he stressed the potential of Sri Lanka’s economic growth through the GSP Plus.
Wickremesinghe stressed the opportunities the GSP+ will provide for Sri Lanka, reminding the audience that “open markets require open societies.”
The GSP Plus (Generalised System of Preferences) is a preferential tariff system which provides for a formal system of exemption from the more general rules of the World Trade Organisation.
“The GSP+ is a key to us, because here we have the ability to develop our economy and to develop and strengthen our democracy.”
But he also said the opportunities provided by entry to the GSP+ also present a challenge
to Sri Lanka’s domestic investors, to utilise this opportunity. Because as he explained, success requires the private sector to be strong enough to invest in. Speaking about foreign investors coming to Sri Lanka, not just through GSP Plus but the entire global value chain, he said,
“We have to be ready.” And the way Sri Lanka becomes ready, he said, is through productivity. “Our productivity will enhance our competitiveness. Productivity means a workforce dedicated to productivity. And how do we get a workforce dedicated to productivity? Part of the gains have to be shared with the workforce.”
The way to do this,Wickremesinghe said, was to move toward a minimum of total pay or allowances and benefits [for the workforce] of US $400. “Otherwise, you won’t be able to compete. There will be more people driving trishaws than in the factories.” Wickremesinghe ended his speech by emphasising the need for a shift in the type of labor demanded from the Sri Lankan workforce, one that would be accentuated by the opportunities provided by entry to the GSP+.
“There’s a large low-wage base developing in Bangladesh and Myanmar. We cannot compete with that, and we shouldn’t compete with that. The world is changing, new technology is coming in. So where do we want to be? The low wage of the t-shirt industry, or the middle part of the 3D printing industry?. This is a time that we can make a revolution, a time we can make a revolution peacefully, through the economy.
(Source: Daily News – By Jordana Narin)
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The PM said:
“Our productivity will enhance our competitiveness. Productivity means a workforce dedicated to productivity. And how do we get a workforce dedicated to productivity? Part of the gains have to be shared with the workforce.”
That’s great economic thought.
The old way of doing it (according to Grandpa Coomarasamy’s outdated Economic Theory) is to go back where we were 40 years ago. Remember worker’s co-operatives? where workers had a share of the profits after the Mudalali Managers robbed all the earnings? That is where Dinosaur Coomarasamy is leading us.
The modern way is to have externally (and independently) monitored performance contracts with the managers in the first instance and then, contract employment based on performance with the next line of employees.
I have a dream of setting up a manufacturing venture in Sri Lanka where all employees will be shareholders and will serve on the the Management Board in rotation. Not only will I distribute the profits amongst all but make sure I listen carefully and consider the opinions and viewpoints of all employees in developing strategies for managing the growth of the venture.
GSB+, GSB+ GSB+ solution to all our problems.
Excellent comment, Kneeranjala.
The only way to alleviate poverty is to ensure equity in wealth distribution.
the only way to reduce poverty is to follow china India Vietnam USA and burn coal and forget about solar which is establish by the net reading of the smart meters being indicating that the roof top solar panel is not a generator but a consumer and as such is a big fraud and about a 65 Mw of roof top solar panel could not prevent unannounced power cuts which we are experiencing from 24th.25th and we do not know when it will end causing the economy big losses in the suburbs of Colombo and inconveniencing the residents
The only way to alleviate poverty is to work hard and grow your own food instead of wasting time by cramming books and passing these meaningless exams. Sri Lankens when they go abroad they do all kinds of mean jobs but when they are in Sri Lanka they want a white collar job