President has taken correct decision to nominate Mahinda for presidency - Businessman

BY SARATH Malalasekera

AN International Business Leader with business interest in a multitude of industries ranging from online entertainment to exports Sabir Hussein has prepared a memorandum on a new economic policy for Sri Lanka to meet with the international economic policies.

The most productive community in the country, the Jaffna Tamils, were driven into emigration and internal alienation. The result, Sri Lanka's best and brightest are now contributing to the wealth and cultures of other countries, not to their own.

In contrast, Malaysia has had the sense to retain and accommodate its productive minorities, the Chinese in particular, despite misguided Bumiputra policies. In this respect no country on the planet has displayed such monumental stupidity as Sri Lanka, he says.

The Sri Lankan tycoon suggests the following to be a better Sri Lankan prospect - that countrywide peace, with a long-term accommodation between, the Sinhala majority and Tamil minority. This would create a peace dividend for the economy.

A tolerant, secular, truly multi cultural society, eschewing discrimination against ethnic minorities and meritocratic advancement should take precedence over advancement based on race, class and political connections.

More specifically, the Tamil diaspora should be encouraged to come back to the country and contribute to recovery and renewal with their hard work, thrift, enterprise, capital skills and international connections.

A stable and secure society governed by the rule of law, not by the vagaries of politics and the dangerous whims of politicians. Public policy should be kept at the centre, Above all, people should be able to go about their daily business free of arbitrary political interference.

Sri Lanka's perennial problem is that it has far too much politics at all levels of society. This cramps individual liberty, particularly for the ordinary, poor citizen without good political connections, and it restricts the vigour and enterprise of people and economic life, ultimately choking national economic performance. In other words, a smaller space for politics and large space for law-governed economics.

He emphasised that a foreign policy on core alliances to ensure a secure external environment is necessary. A close, permanent alliance with India must be an imperative of foreign policy in the region.

Sri Lanka must also prove itself a true and reliable friend of the West by maintaining close relations with the US and the UK, (the latter being a gateway to the EU and the Commonwealth). Closer relations should also be nurtured with East Asian emerging markets, notably China.

Significantly increased economic growth, closer to 10 per cent than 5 per cent should be achieved.

This is not an unrealistic target, given Sri Lanka's comparative advantage in labour intensive export oriented production and mirrors India's growth potential.

Such levels of growth would rapidly boost employment and real incomes among the vast majority of the population and make significant inroads into urban and rural poverty.

A peaceful solution to the ethnic conflict, with concomitant political stability, is sine qua non for sustainable, long-term economic development. At the very least, this requires the devolution of powers across-the-board to the Northern and the Eastern Provinces.

Sabir Hussein married to an Indian national, told the "Daily News" that President Chandrika Bandaranaike Kumaratunga, one of the great leaders in the world, has taken a correct decision to nominate Prime Minister Mahinda Rajapakse as the Presidential candidate for the Presidential Elections.

The vision of Mahinda to have countrywide peace, with a long-term accommodation between the Sinhala majority and the Tamil minority should be appreciated by all Sri Lankans. This would create a peace dividend for the country, he said.