"It's not a deficiency of funds that Sri Lanka has ... but a deficiency in restructuring" -- Dr. Mark Mobius

"It's not a deficiency of funds that Sri Lanka has ... but a deficiency in restructuring" -- Dr. Mark Mobius

If a development in the Colombo share market is to be anticipated; the essential factor is for it to be lifted up and for that purpose entrepreneurs with the state should be listed within the sharemarket, Dr. Mark Mobius says. He mentioned this at Colombo Cinnamon Grand Hotel addressing the business and investment forum about his ideas day before yesterday on the topic 'Emerging markets and Sri Lanka's growth trajectory. This was organised by Cinnamon Life, a
massive mixed development project which is presently being constructed in Colombo city. 

Beginning his presentation by focusing attention by drawing attention to development tracks of countries such as Singapore, China, Malaysia, Vietnam, Brazil, Nambia and United Arab Emirates Dr. Mobius spotlighted changes that have occurred in the landscape during the past 25 years. In this connection he while praising Sri Lanka, he expressed his pleasure to note that getting an opportunity of an instance to of a transformative period where people could engage in tourism. 

In relation to foreign investments he highlighted the strengths that Sri Lanka possesses and he admitted that the economy of this country which was based on agriculture always maintained an interest on a global footing and that in particular its strongest and commodity happened to be tea and about the attractiveness of Sri Lanka as a tourist industry. In the same way he spoke about the attraction Sri Lanka has gained in recent software and the field of land sales. 

On this occasion Mobius further made observations that action could be taken to attract investors towards the share market on a larger scale. He then said that in that context that state-owned entrepreneurship should be open to the public; but not with the idea of making those institutions privatised. If a state-owned insurance company is listed, he pointed out that its profits and losses as well as the trial balance could be exposed to the public. 

Mobius made special  mention of the fact that a large amount of finances is rotating around Sri Lanka and to focus attention on the manner in which Ali Baba Hong Kong has accumulated finances from the market and that it is not a deficiency of finances that is seen in Sri Lanka but emphasised that it is a deficiency in remodelling. As a response to the question about what kind of entrepreneurship that should be listed, he said that there are many such that could be listed in the form of state-owned banks, transport, airport etcetera. 

He next drew attention on this occasion to the fact that the bond market or the share market of Sri Lanka being comparatively of a small nature has turned out to be a major issue. He then said that if he hopes to make an investment in Sri Lanka on this occasion, he would pay more attention to lands, financial and the tourist industry. In the meantime, where practical steps in advancing the local economy forward with faith, he brought forth his specialist opinion pointing out such steps as facilitating tax procedures, flow of foreign exchange and circulation made easy, paying taxes made easy, creating a competitiveness within the zone and changing procedures of foreign exchange control and facilitating visa procedures for tourist activities. 

Dr. Mark Mobius who functioned as an exponent in relation to market activities had served Franklin for a period of over 30 years and also as administrative chairman of Tempelt Investment, an up and coming market holdings. During his tenure of service under management of personnel has expanded under its assets from 100 million American dollars upto 40 billion American dollars and was instrumental in launching several frontier funds and markets centering on Asia, Latin America, Africa and Eastern Europe. In the same way, he is also the pioneer of Mobius Capital Partners and a member of the economic advisor committee of International Financial Corporation (IFC). Mobius has also served in the board of directors of OMV Petrom, Rumania from 2010. Before this he has functioned as a director of Lukoil which is a Russian oil company. 

- Shamila Perera -