The issue was the subject of a knowledge-sharing session organized by the National Chamber of Commerce of Sri Lanka (NCCSL). The session was held from 4pm onwards on the 23rd of April at the auditorium located on the 4th floor of the NCCSL premises, located at 450, D R Wijewardene Mawatha, Colombo 10.
The event began with a reception that created interaction among participants in the audience.
Guest speaker Chevalier Hon Niranjan Deva Aditiya is the incumbent president of the Commonwealth Union. Together with the guest speaker at the head table were NCCSL’s president, Anura Warnakulasooriya; NCCSL’s immediate past president, G. Deepal Nelson; NCCSL’s deputy president, Dr Lakmal Fernando; and NCCSL’s hon. Treasurer, Chamika Godamana.
NCCSL’s secretary-general/CEO, Ms Nilupul Chandrasena, commenced the proceedings of the event before handing over the podium to NCCSL’s incumbent deputy president, Dr Lakmal Fernando, for the welcome address.
There were many foreign dignitaries in the audience, which consisted of the Swiss Ambassador for Sri Lanka & the Maldives, Dr Siri Walt, besides the Italian Ambassador for Sri Lanka, Damiano Francovigh. There were also special invitees in the front row, which consisted of Professor G. L. Pieris, Ms. Victoria De Silva, and Ms. Minoli D. Almeda.
The guest speaker’s enlightening presentation was facilitated with moving visual slides to support the commentary that spanned the content of the following:
- How the flag follows trade
- How wealth is created
- How wealth is lost
- How influences rise & wane
- How new powers take over
The guest speaker initially shared that the origins of the British Empire were initiated not by the British government at the time, but by a forum of private investors who ventured out of England in AD 1400. The East India Company, a renowned British trading enterprise, established its Asian headquarters in Calcutta (now Kolkata) in AD 1600. AD 1800 was the Industrial Revolution.
Capital formation channels were analysed. They were categorised into
- Urban Crafts/Guilds
- Colonial Enterprise
- Commerce & Trade
- Law & Administration
- Clergy & Church
- Military & Navy
Ceylon’s private capital formation, which began with Rs 45 billion in 1900, currently stands at Rs 630 billion.
On the topic of capital accumulation, the categories were the following:
- Landed Estates
- Mercantile Capital
- Financial/Banking Capital
A comparison of a few dominant nations’ military mights revealed that it built up to a peak during World War II, a little over 8 decades back in 1945. Afterward, the analysis showed a rapid downsizing and an exploration of drones and robots.
Historical GDP analysis reflected China having overtaken the USA with a surge in growth from 2000. India currently ranks in third place.
The USA’s petrodollar pegging makes the US dollar a hard currency, although the USA operates on a huge budget deficit.
On unbacked money, China currently leads other economically powerful nations.
The Commonwealth was also referred to. This is an area where nations trade 21% more with each other while benefiting from 21% lower tariffs. Members also benefit with 20% less time for trading contract enforcement, which enhances their ability to engage in international trade more efficiently. Shared common law systems, the English language, similar administrative frameworks, and mutual recognition of standards were the facilities that enabled the Commonwealth union to flourish.
India replaces China in a few sectors, such as pharmaceuticals & biotech. Indian electronics, telecom, IT, AI, robotics, and agri-tech, in addition to EV platforms, are on the rise. This opportunity was highlighted at the event with the immense potential India holds with the Commonwealth.
India’s Rupee Devaluation + Commonwealth Advantage = Compound Export Pricing Power. Indian Pharmaceuticals at a 15% rupee discount + a 21% trade cost advantage equals a 36% effective price advantage over Chinese competitors operating in Nairobi, Kingston or Suva.
The guest speaker’s presentation concluded with an interactive question-and-answer opportunity, which lasted for nearly an hour. A few dignitaries, including the Italian ambassador and NCCSL’s deputy president, posed questions. Invitees, such as Ms Neela Marikkar, Duminda Fernando, and a couple more, added to the diverse thoughts that were flowing, contributing insights on topics such as international relations and local business initiatives.
The Vote of Thanks was proposed by NCCSL’s president, Anura Warnakulasooriya, with the presentation of a token gift to the Guest Speaker.
The Vote of Thanks was proposed by NCCSL’s president, Anura Warnakulasooriya, with the presentation of a token gift to the Guest Speaker.
