Development of Tourism in Sri Lanka Essay - 322 Words
Sri Lanka ratified the UN Anti-Corruption Convention in 2004. Sri Lanka has signed but not ratified the UN Convention against Transnational Organized Crime. Sri Lanka became a signatory to the OECD-ADB Anti-Corruption Regional Plan in May 2006. Attempts to introduce a Freedom of Information Act to increase transparency have been unsuccessful.
Development Of Tourism In Sri Lanka Tourism Essay ..
Sri Lanka does not have a sovereign wealth fund (SWF). Currently, the government manages and controls large pension funds of private sector employees, using these funds for budgetary purposes and stock market investments. The government and the Central Bank are accused of misusing the Employees Provident Fund (EPF), a large retirement fund of private sector workers managed by the Central Bank, for unwise stock market investments and to help governing party supporters. Contacts argue the fund must be segregated from politics and professionalized. SOEs and government-managed pension funds must meet Sri Lanka accounting standards.
Investors report that starting a business in Sri Lanka is relatively simple and rapid – especially when compared to other frontier markets – and 20% cheaper than in neighboring countries. But scalability is a problem. Lack of skilled labor and a smaller talent pool means that companies can take years to double in size. Investors claim retention is good in Sri Lanka, but numerous public holidays, worker reluctance to work at night (which is especially problematic in the IT/BPO sector), lack of labor mobility, and a difficulty in recruiting women can reduce efficiency and increase start-up times. The garment industry has had more difficulty with employee retention, especially in the North and East.
21/9/2017 · Development of sri lanka ..
With the 2009 end to Sri Lanka's long-running civil war, the country has an historic opportunity to take advantage of its peacetime stability, geography, educated workforce, and scenic beauty. The Government of Sri Lanka (GSL) has set ambitious goals for economic development – aspiring to GDP growth rates over 8% and developing economic hubs in ports, aviation, commerce, knowledge, and energy. With a relatively open investment climate and financial system, moderately stable monetary policy, improving infrastructure, and world-class local companies, Sri Lanka has many of the ingredients to progress economically. For some U.S. and foreign investors, Sri Lanka’s frontier market has been fertile ground for both direct and capital investments.
Development in sri lanka essay - …
The government of Sri Lanka realising the importance of climate change adaptation has taken number of initiatives at policy level to address the concerns of climate change and among the initiatives; the most important is the recently formulated national climate chang...
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Ample scope exists as well for an expansion in the information technology/business processing operations (IT/BPO) sector. With a growing and aspirational middle class, investors see opportunities in franchising, retail, and services, as well as light manufacturing. Investments with an export dimension have the most potential. Reconstruction in the North and East, and infrastructure development throughout the country, including new ports and roads, are also fuelling growth. Sri Lanka’s free trade agreements with India and Pakistan offer preferential access to those markets, and Sri Lanka maintains friendly relations with all its neighbors in the region. The capital city of Colombo offers expatriate managers a good quality of life, with excellent international schools, good housing, and decent urban conditions relative to the region. Political stability and the cessation of the war have allowed the government and population to focus on rebuilding their economy and society.
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But Sri Lanka can still be a challenging place to do business, with high transactions costs related to an unpredictable economic policy environment. While many government departments and ministries boast competent, highly motivated staff, the government’s overall provision of services is impeded by inefficiency, and economic growth is stymied by opaque government procurement practices. While some U.S. companies have done and continue to do well here, others have departed frustrated.