Sri Lanka firms can diversify with foreign talent

Nov 30, 2011 (LBO) - Sri Lankan firms can diversify into new areas by acquiring international talent when local resources are in short supply, the head of an emerging diversified group said.



"If you don't have a particular expertise are you buy that expertise," LOLC group managing director Kapila Jayawardena told a business forum in Colombo.

"You can do it in two ways. First you can hire seasoned professionals in that industry into your company.

Second you do a management contract with an international or regional player, who has a proven track record in that area."

He was addressing senior executives at an LBR LBO CEO forum on Fast-tracking to conglomeration - a fireside chat with a new generation conglomerate builders.

LOLC which started in leasing has expanded into related areas in finance company business and micro finance and into growth areas such as renewable energy and leisure.

LOLC will be bringing an international operator to run its hotels with a tightly structured management agreement.

Jayawardena said there had been a brain drain of Sri Lankan talent into the West and the East.

"The most important factor in running a conglomerate is people,