“In 1979 ‘Air Ceylon’ was decommissioned &‘Air Lanka’ was established. Subsequently in 1998 ‘Air Lanka’ was privatized by the then SLFP lead government. 40% of its shares were sold to ‘Emirates’ for 70 million dollars. This was done through a 10 year strategic agreement based on a requirement of the then government. We are in no way against this move. It was this very same government which sold plots of land adjacent to the sacred site of ‘Somawathie’ to foreign institutions. They even went the extra mile by selling the paper factory. These decisions may have been correct or wrong given the day’s context. However in 2008, the 10 year strategic agreement expired. Emirates declined to extend the agreement any further. Post 2010 we were able to regain ownership of these market shares. The losses incurred by ‘Sri Lankan Air Lines’ at present stands at Rs. 12800 million. Only Rs. 900 billion has been allocated for 30% of the family units, who depend on the Samurdhi grant of this country. Juxtaposed against this scenario the losses incurred by one public entity exceeds nearly 15 times this amount” Deputy Minister Wickramaratne said.

Expressing his views during the Select Committee stage of the 2016 budget, a highly vocal Deputy Minister of Public Enterprise Development Eran Wickramaratne proposed that if required by former President and now Kurunegala District Parliamentarian Mahindara Rajapaksa, the incumbent government is able to sell ‘Mihin Air’over to him for a rupee.

Deputy Minister Eran Wickramaratne made this observation while lashing out at the now defunct Rajapaksa regimes lavish expenditure done in the guise of developing the public sector.

Several of Sri Lanka’s state-run financial institutions are not a burden on the people following reforms in the late 1990s and early 2000s.

“There are SOEs not in financial sector providing goods and services that are loss-making, which are funded by the tax payer’s money,” Deputy State Enterprises Development Minister Eran Wickremaratne said.

“So the legitimate question does arise, ‘Why should the tax payer bear the brunt of it when the actually the state enterprises should be to provide goods and service at the highest possible quality and the lowest possible price?’ And that is the reason state enterprises should exist.”

What is really needed is investment. The former regime ran the economy through debt. Sri Lanka has now been ranked in the first 25 countries in the debt crisis in the world published by the Jubilee Debt Movement in London. Our Government in the first four months of this year has borrowed 40% less than the previous Government borrowed in the same period last year. We need to attract more foreign investments. Since investors knew that this Government would be dissolved soon, they wanted to wait to see what would happen in the next five years.

Q: How do you view the present political situation, which took an unexpected turn with some former Ministers joining the UNP-led coalition for good governance?

A: After the election of the new President, quite unexpectedly the presidency of the SLFP was given to President Maithripala Sirisena. On one hand it was a good move, but he had a dilemma on the other hand. He had pressure from the SLFPers to make decisions in their interest and not in the interest of the country. Therefore, they forced those politicians who are undesirable to be in the nomination list, including the former President Mahinda Rajapaksa, several ministers and MPs whom the public would have rejected and had questionable actions in the past.

Honeywell Corporation, a Fortune 100 diversified technology and manufacturing conglomerate is to send a team next month to discuss investment opportunities in Sri Lanka, a former Deputy Minister said.

Former Deputy Minister of Investment Promotion Eran Wickramaratne told LBO, the Corporation initially proposed to send a team here on 17 August 2015.

Chairman and CEO of American multinational Honeywell Corporation; Dave Cote visited Sri Lanka recently with his private jet to understand the business climate in Sri Lanka.

“Mr. Cote has sent me a letter with his hand writing saying that he has decided to explore opportunities in Sri Lanka,” Wickramaratne told LBO.

“Three days later an email received saying that they are sending a team here on August 17. But I said them to postpone it by 10 days since we are having the general election,”

“They seem to be ready to initiate manufacturing high tech protective clothing such as safety outfits and astronaut costumes in Sri Lanka.” Wickramaratne further said.

The Honeywell Corporation serves customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbo chargers; and performance materials.

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