Business RENDEZ-VOUS

BoI must attract foreign campuses to Lanka

The Board of Investments (BoI) should formulate a system where international universities can set up their Campuses in Sri Lanka to mainly attract foreign students, President CEO of J. M.Wickramarachchi and Company, J. M. Wickramarachchi said.

Speaking to Daily News Business’ he said this would be a good foreign exchange earner as one University could have around 1000 students and foreign staff. “A special BoI zone should be set up in Colombo where all these foreign universities could set up businesses and their hostels,” he said.

Wickramarachchi said the Government should take the initiative in this regard and prepare legislation for this. “I have met many parents from different countries who would love to send their children for higher studies to Sri Lanka as living conditions are high in the city,” he said.

Wickramarachchi says that he hails from a family of intellectuals. “My father was a horticulturist and introduced roses to Sri Lanka in the 1950’s and my brother built ships for India for oil dredging. “I too wanted to do something for the country from my very small days,” he said.

His brother who was an engineer and based in Germany gave him an opening to study at the Southhampton University where he gained knowledge on hearing aids.

“The University not only taught me science but through practical programmes gave me experience and confidence to start my own business in Sri Lanka,” he recalled. Since our native area was Nugegoda, I did not find it difficult to start my business as there was a ready made premises at Delkanda for me.

Q: What was the response when you introduced hearing aids to the country?

This was the time of the introduction of the open economy and I did not find it difficult to bring down the latest equipment. However to convince the people to test these was really difficult as people did not know about it.

Then I decided to introduce it to the up market as they had travelled overseas and were well read. Things started moving.

However the revenue I got was not sufficient and then decided to move in to spectacles as well which was paying off. However today the optical market is over crowded with many small and big time players and I decided to revert to the supply of medical equipment for the hearing impaired.

I also met up with Cochlear counterparts in Australia and introduced the technology to Sri Lanka.

Today I am proud to say that through the Cochlear implants and one can get their hearing back permanently. The success in this programme has prompted me to open an office in the Maldives and would be soon moving to Bangladesh as well. We have also trained local surgeons, staff and hospitals in this area.

Q: Why have you given up the Chinese made cellular phone agency you had?

The agents who bought the phones take a very long time to pay back. Too much of my time which now I am devoting to my core business.

Q: What would be the outcome if the North East conflict ends?

It would have tremendous economic benefits to the country. However the people in these areas would need a long time to recover from the physiological agony they went through.

Q: How do you see the competition among the health sector?

It is very competitive and this would create to add new medical equipment and technology to the country. Due to the rush at private hospitals people have second thoughts to take treatment for minor ailments and this delay leads them to a major illness. The local health sector has a long way to go.

Q: Do corporates pay too much tax?

Yes they contribute to over 50 per cent of the collection and I think the Government must take ideas of tax payers more seriously and provide them better services. This can come through better infrastructure and other benefits. We have also noticed that the widening of the tax net is hardly taking place.

Q: What are the areas Sri Lanka should concentrate on?

The BPO industry has an emerging market and ship repair and building is an area more focus is needed. Health tourism is picking up and there is a new demand for Ayurvedha specially from the Western world.

Q: How do you view the large number of holidays in Sri Lanka?

The manner in which they are placed do not help anyone.

A system should be developed to convert these holidays into long week ends.

This would enable staff to take long vacations with their families and it would also result in the growth of the local hotel sector.

Q: How do you see the entertainment available for Sri Lankans?

There is hardly any thing for the people to enjoy. The television stations air low quality programmes which promote violence and promote all other vices. Some even justify divorce and destroys our culture.

There should more amusement parks but they should be more affordable. The people need recreation for a healthy nation.

Q: What is the place you like to spend a holiday?

In Sri Lanka I love the beaches and if its overseas its Germany as the people are trustworthy.

Wickramarachchi a veteran in the spectacle industry advises people to use sunglasses.

“It’s a must for people in a tropical country like Sri Lanka,” he said.

Pictures by Shirajiv Sirimane