Sri Lanka is facing the worst socio-economic crisis in its history. This situation has arisen due to mismanagement. These issues have also been exacerbated by macro-economic factors such as the COVID-19 pandemic and the resulting economic downturn.

Sri Lanka is facing the worstsocio-economic crisis in its history. This situation has arisen due tomismanagement. These issues have also been exacerbated by macro-economicfactors such as the COVID-19 pandemic and the resulting economic downturn. Agroup of professional organizations, headed by the Chamber Of Young LankanEntrepreneurs (COYLE) and comprising; the Chamber of Commerce and Industries ofYarlpanam, United Trade and Industry Association, Dehiwala, The Matara DistrictChamber of Commerce & Industry, Nugegoda Entrepreneurs and ProfessionalsAlliance, Minuwangoda Trade Association, Lanka Business Ring, NawalapitiyaTraders Association, Entrepreneurs Lanka, Mahanuwara Sinhala Welanda Peramuna,Kiribathgoda Sinhala Merchant Association, Galle District Chamber Of Commerce& Industries, Event Management Association-Sri Lanka, Lanka ConfectionaryManufactures Association, Kurunagala Sinhala Welada Peramuna, All Ceylon BakeryOwners Association, Association of container transport, Association of clearingand forwarding, and the Federation of Chambers of Commerce and Industry of SriLanka, have put forward a 10-point action plan to overcome the current crisis. Thisplan was presented at an event held recently.

The first point which was putforward was the need for immediate political and administrative stability. Thiswould mean the reduction of the powers vested in the executive president aswell as appointing professionals with relevant expertise and experience to thecabinet and other key positions.

The second point is addressingthe immediate financial and essential goods crisis faced by the people whilealso supporting those engaged in activities that bring in foreign currency tothe country.

The third point is adopting a“Sri Lanka First” negotiation strategy for long-term debt restructuring byengaging with the sovereign bondholders as well as reaching out tointernational organizations such as the IMF and friendly countries.

the fourth point is the reductionof government expenditure and making government-owned entities efficient andself-sufficient. This would mean focusing on performance and output.

The fifth point is to bring aboutgood governance by making the necessary reforms to the political structure.

The sixth point is to enhanceindustrialization through an accelerated drive towards export-led real GDPgrowth. This would mean bringing about certain fiscal reforms while alsobringing in a structure that encourages foreign direct investments (FDIs).

The seventh point is theredefinition of policies to empower traditional and disruptive industries. Thismeans the promotion of emerging technologies such as artificial intelligence,and utilizing them in industries such as agriculture.

The eight-point is a proposedglobal campaign for promoting FDIs via Free Trade Agreements (FTAs). Thiscampaign would promote Sri Lanka via targeted exhibitions and forums across theglobe and capitalize on the potential return on investment.

the ninth point is the need foreffective communication and transparency with all stakeholders of the nation,including the public to ensure accountability. this would mean adopting aframework that tracks and maintains a record of all activities carried out bythe public sector including public office bearers

The tenth point is capitalizingon the Port City and integrating a model for a transformed Sri Lanka. Thismodel would attract immediate FDIs through the Port City while simultaneouslysupporting exporters through this initiative.

If these proposed 10 points areimplemented immediately and followed, COYLE and the other organizations who putforward this plan are confident that Sri Lanka can recover from the currentcrisis and be stronger than ever before in the future.

COYLE and Partner Professional Associations presenting the 10 point plan to Restart Sri Lanka at the media briefing

COYLE and Partner Professional Associations presenting the 10 point plan to Restart Sri Lanka at the media briefing