Nayana D.P. Dehigama

IT sector most lucrative in Sri LankA:

eSri Lanka should benefit all sectors

Hiran H. SENEWIRATNE

Local companies should manage their cash flow in a prudent manner especially during a crisis period. This could be done by cutting down unnecessary costs to bring companies to the financial comfort zone, said Chairman/ Managing Director Epic Lanka Group Nayana D.P. Dehigama.

He said companies should focus on different strategies to be in the business, therefore, they could adopt various methods and strategies to enhance their image by building competencies, credibility, connections, cognition and creativity, of business entities.

Dehigama said that by adopting strategies companies could manage their cash inflow expenses at least at the break-even level.

This will help to bring the company to the financial comfort zone during the period.

He said that a crisis period such as this enables companies to penetrate new and untapped markets of the world.

Q: What do you think of Sri Lanka's Information Telecommunication Technology (ICT) sector?

A: The IT sector is one of the lucrative sectors in Sri Lanka. Our people have the intelligence when it comes to ICT skills. We see a huge potential especially in the software industry.

Therefore, the Sri Lankan IT sector must focus on niche areas. Sri Lankan software engineers have high intelligence and capacity.

With these developments we have to setup a unique identity in the ICT field among other countries in the region.

Our software engineers should come up with innovative ideas and products targeting export markets.

Q: How is the Government backing for the local ICT sector?

A: I am not totally happy with the Government's move. But the Government does everything that has to be done for the development of the ITC at the grassroot level. President Mahinda Rajapaksa's vision is very good in that way.

What is important is giving preference for local software products when procuring IT products for projects handled by local engineers. The Government procurement entities give priority to local products.

Sri Lankan products are equal to, or better than foreign products. ICTA, despite being created to support the IT sector in Sri Lanka, has not done the job well. ICTA should be the catalyst to develop the ICT industry in the country.

Q: What is your view on the e- Sri Lanka concept?

A: It is conceptually a good concept. We are in the correct track to implement it, but a lot of improvements have to be done in that direction.

E-Sri Lanka is not just computerization of the Government administrative bodies, it is something more than that. It is making every sector get connected for the benefit of every single citizen by way of technology transfer, thereby improving the efficiency of Government bodies.

Apart from that we have to have a separate Ministry for IT for the development of the sector in the country.

Q: Epic Lanka (Pvt) Ltd had been in the IT sector for several years. What are the future plans of the company?

A: Our company was established several years ago with the intention of manufacturing latest, state-of-the-art ICT Solutions for Sri Lankan and regional organizations.

We have earned a reputation as a leading solutions provider for a host of ICT applications including electronic commerce; secure transaction automation, high security document personalization and banking and financial applications in Sri Lanka and fast expanding overseas going beyond Sri Lanka.

We, as a responsible company have taken steps to enter foreign markets to earn foreign currency to bridge the balance of payment gap.

Q: As a successful businessman in the country, what is your view on bridging the balance of payment gap in Sri Lanka?

A: We have to look seriously at bridging of the balance of payment gap in the country. What we have to do is to increase exports and to allow import of items, which cannot be produced locally. This is the simple theory I would suggest.

Q: What is your advice to our national leaders or the Chief Executive Officer in the country to transform the economy to achieve a rapid economic growth in the country?

A: We have a huge balance of payment problem. That is why we have to go behind international organizations like the International Monetary Fund (IMF).

We would not want to go behind the IMF if we have a strong economy. I would say that we have to restrict imports at least for a certain period. Essential items should be imported and items we could not manufacture in the country.

Q: How would high bank interest rates impact local SME sector?

A: Annual reports of all banks in the country have registered massive profits, while other companies are suffering. When we look at the balance sheets of most of the companies including SMEs have recorded losses during last year.

The industrial sector, especially the SME sector contributes 80 percent of the country's GDP. It is the need of the hour to bring down the lending interest rate to a single digit.

Q: What is your philosophy in business?

A: Be ethical in business. I have always been process oriented and do whatever you need to do today. When I do business I set targets, define targets and be 100 percent process oriented.