Sri Lanka to introduce Public Enterprise Act next month: Malik

Aug 03, 2016 (LBO) – Sri Lanka’s government is to introduce the Public Enterprise Act which facilitates the setting up of a Public Enterprise Development Board, a senior government minister said.

This Public Enterprise Development Board will be chaired by a private sector individual.

“This board consists of leading private sector CEOs and managers and we have also invited trade unions to participate,” International Trade Minister Malik Samarawickrama told the Sri Lanka Economic Summit 2016.

Samarawickrama requested the private sector companies to second some of their best talent to this initiative saying that there are people who are willing to sacrifice their service for the country.

“We are looking at getting the best talent from private sector; but of course the problem is the pay, because the government can’t afford that kind of remuneration.”

Samarawickrama stated that after setting up the board, all appointments for public enterprises will be carried out through this board.

“They will make appointments for various boards, for example for SriLankan Airlines; they will hire the management board, not the ministry because we want to get away from that.”

The minister further said that the government was currently looking at some of the non strategic state-owned enterprises as well as several profit making enterprises to list on the Colombo Stock Exchange.

“Not only loss making enterprises, we are also looking at some of the profit making enterprises. Although they are making profit they are not making profit that they should, so in the hands of private sector they can make more profits.”

Samarawickrama said the government is currently finalizing their 5 year development plan that will be presented by the end of this month or early next month to the public.