Attracting FDIs:

Lanka should focus on ethical investors - Cherie Blair

Human rights is not the business of the government anymore, but it is the business of business. Economic development is not about the improvement of statistics and indicators, but about people and their aspirations, quality of life and reaching greater heights, Cherie Blair, leading international barrister and wife of former British Prime Minister Tony Blair, told a seminar on ‘Human Rights and Business’ organized by the Bar Association of Sri Lanka.

She said that the current political landscape in Sri Lanka will have a positive effect in attracting more Foreign Direct Investments to the country.

“Recent political developments, such as President Sirisena’s election commitment to tackle corruption and protect human rights will have potentially far reaching and great impact on the level and diversity of foreign investments in Sri Lanka,” Blair said. “There’s a new sense of energy, new direction and a huge desire for reconciliation and a new beginning in Sri Lanka. Alongside reconciliation, the international community is looking at your economic success. Today, ethical investors look for long-term prospects and they are the type that Sri Lanka should attempt to attract, a view shared by former Policy Planning and Economic Affairs Deputy Minister Dr. Harsha de Silva,” she said.

“The 2008 global economic crash was caused due to the short-term nature of investments. Today, investors look for long-term projects. Investors prefer sustainable investments rather than a lucrative business which gets rocked by human rights violations or corruption. The government has the responsibility to create a level-playing field where unethical companies cannot undercut ethical ones. Sri Lanka has become notorious for having crony businesses undercutting other local and foreign companies through the introduction of favourable laws and regulations by influencing politicians,” Blair said.

She praised the new government’s high-end export development strategy which is set to bring equitable growth.“People (Westerners) look for quality, ethically sourced and environment-friendly products. Sri Lanka should work on quality and high-end products — not the top high-end but the middle market - high-end — which will benefit the workers,” she said.The Blair family was in Sri Lanka for two weeks.

They travelled across the country and spent a considerable amount of time in the North assessing the attempts at peaceful reconciliation.

 - SJ