Social market economy on the cards

by Rohana Jayalal

The Government plans to make Sri Lanka the most competitive economy in the World, Deputy Minster of Policy Planning and Economic Affairs, Dr. Harsha de Silva told guests at the launch of a program of study for the Finance and Accounting Outsourcing (FAO) industry at the Institute of Chartered Accountants in Colombo last week.

A social market economy will be created within the next five years through the two pillars of the economic plan, competitiveness and justice, which will also transform Sri Lanka and give every Sri Lankan an equal opportunity.“As a Government we must increase expenditure on education to six percent of the GDP to develop human resources.

The government currently spends around five percent on education. This is not sufficient,” he said.The FAO qualification offered by CA Sri Lanka, which aims at creating finance and accounting professionals with the right knowledge, attributes and skills specifically needed for the FAO industry.

It has also been endorsed by the Sri Lanka Association for Software and Services Companies (SLASSCOM), the national chamber for the IT/BPM industry in Sri Lanka and the Information and Communication Technology Agency (ICTA), which is the apex ICT institution of the Government.

President, CA Sri Lanka, Arjuna Herath said that Sri Lanka is known to produce accountants of international standing, having the capacity to serve not only the domestic market but international markets as well.

“This is also one of the key attributes as to why our country is a preferred destination for the FAO industry. CA Sri Lanka supported by SLASCOM and ICTA embarked on this mission to produce professionals with the right skills and knowledge specifically needed for this industry,” he said.

The success of this industry largely depends on the skills and talents of the people serving the industry and, therefore, the launch of the Certified Finance and Accounting Specialist qualification for the FAO industry will help the financial accounting outsourcing industry to grow to its full potential.

Herath said, “The launch of the qualification will undoubtedly contribute to the enhanced standards of quality that Sri Lanka can offer the world as an FAO destination.”