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| Sunday, 12 January 2003 |
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Editor, Sunday Observer. E-mail: [email protected] Snail mail : Sunday Observer, 35, D.R.Wijewardana Mawatha, Colombo, Sri Lanka. Telephone : 94 1 429239 / 331181 Fax : 94 1 429230 Sunshine Our front page lead news article predicts a massive upswing in foreign investment in the course of this year. Foreign direct investment in 2003 is expected to be double last year's inflow of some US $ 240 million, according to the experts. This is good news, a ray of sunshine, as far as the well-being of the country's economy is concerned. Media cynics would, of course, argue that it is only "bad news", usually something sensationally catastrophic or bloodily dramatic, that makes the real "good news" that sells the newspaper. "Feel-good" stories or, "sunshine stories", as they are also known, are only that and not much more in terms of vicarious Sunday morning newspaper appreciation, the cynics would say. In less cynical and more professional terms, however, something that could add to the well-being of society must necessarily be regarded as saleable news and deserves Page 1 prominence. A doubling of foreign investment within a year is not only most significant in terms of economic progress, but the sheer volume of anticipated capital inflow, at an estimated Rs. 48 billion, must be considered as a most valuable boost for economic activity and social uplift. Such levels of investment not only imply more jobs and better paying jobs, but also greater levels of productivity, enhancement of useful sectors of the economy, greater fiscal stability and, therefore, a stronger faith in the economic future as well. And all this is primarily due to the political stability that is slowly growing as a result of the renewed peace process. If there is economic success on the way, it is due to political success already won and more such success anticipated. While this does sound like a pleasurable sunburst for Sri Lankans, it is important to acknowledge hard ground realities. In the first place the "sunshine" is yet to come. Right now, while investor confidence is growing, consumers are traumatised by the shock of price increases. Living costs continue to rise and are not matched by any parallel boost in incomes. Malnutrition is yet a problem in the country, as is unemployment and under-employment. In short, the bondage of poverty grips the land and the populace yearns to be free of economic deprivation and uncertainty just as much as they yearn to be free of war and ethnic oppression and hatred. It is up to the country's political leadership to ensure that the millions of dollars expected to flow in do not remain merely in the hands of the social elite and become a prop for decadence and deprivation. Rather, the disbursement of wealth must be far more than the classical 'trickle down' if the fruits of peace are to be appreciated by a terrorised, hungry and uncomfortable ordinary citizenry. If that does not happen, then 'sunshine stories' remain precisely that cruel illusion the cynics point to and, social frustration and unrest will continue to cloud the land. Right now, in the embattled North and East, the process of recovery from war is far behind that of the South which did not suffer the same ravages. If those who struggled for ethnic equality are to remain assured of winning justice, then the priority due to them in the recovery process must be given. If there is to be a genuinely stable peace in the long term, all Sri Lankans, of all ethnic groups as well as social classes and castes, must benefit from the expected economic growth. |
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