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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » Access to invest in agri and livestock

Access to invest in agri and livestock

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1Access to invest in agri and livestock Empty Access to invest in agri and livestock Mon Nov 23, 2020 7:00 am

MarketWch

MarketWch
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

  • Chairman says investment done in national interest to boost local food security 

  • Livestock project likely to be done with foreign partnership 

  • Investment in Mahaweli land







Access to invest in agri and livestock Image_94156f96cb
Access Group will be expanding by investing in agriculture and livestock industries, Access Engineering Chairman Sumal Perera said last week as part of efforts to bolster Sri Lanka’s food security. 

Speaking at the Budget 2021 Forum, organised by Daily FT and the Colombo University MBA Alumni Association, Perera acknowledged that many countries were refocusing on food security, following vulnerabilities created by COVID-19 and that he, too, felt that it was an important endeavour. 

“Food security has become a national priority, and as responsible corporates, we must respond. We have already embarked on investing in some Mahaweli land, and we hope to invest in a livestock project with international investment. We may also consider a possible investment in fisheries,” he said at the event. 

Perera conceded there was less profit in agricultural and livestock sectors but insisted that he considered it a “national investment”, needed for Sri Lanka’s development.

judecroos likes this post

MarketWch

MarketWch
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

We were assured policies won’t change for 5 years; that itself is good enough for me – Sumal Perera


November, 20, 2020

Access to invest in agri and livestock Sumal-Perera2
The 2021 Budget unveiled by the Government has given an assurance that the policies will remain unchanged for five years. 'That itself is good enough for me', Sri Lankan Billionaire Sumal Perera said whilst addressing the Post- Budget Forum 2021 today (20), that brought in Sri Lanka’s foremost businessmen in the country who control the key sectors of the economy to provide a critical view from the top, with State Minister for Money, Capital Markets and Public Enterprise Reform Ajith Nivard Cabraal and Treasury Secretary S. R. Attygalle in attendance.
"We can’t budget ourselves if the policies are changing from 'year to year' or from 'budget to budget' or from 'Finance Ministry to Finance Ministry'. So, this time we have been given an assurance that for five years the policies will remain same. That itself is good enough for me. The balance; it is up to the private sector to manage and deal with,"  Access Engineering PLC Chairman Sumal Perera said addressing the Post-Budget Forum 2021.
Meanwhile, reiterating the fact that a Budget should always be based on economic principles and should be consistent, Perera expressed the following; 
"When I was attending this conference, one of my business unit leaders came to me and said; why don’t you canvas for car imports. Because we are agents for Jaguar, Land Rover, and Isuzu and I said when the rupee goes to 215 what are you going to tell me. So, I understand individual pains that certain industries might have but, it's a choice for the better of the economy."
"As you know, over the last fifteen- twenty years, we have lived beyond our means as a country and our foreign reserves have depleted. Now it has come to a difficult position, where difficult decisions have to be made in order to put the economy back on track. I like to congratulate State Minister Ajith Nivard Cabraal. He is also an accountant like me. But this budget has been based on economic principles and not on accounting principles. A national budget should be based on economic principles and should be consistent. So, I like to thank State Minister Cabraal and Attygalle for doing this difficult work. I hope the private sector and all other stakeholders will support it. Of course, all of us will have some reservations and some different opinion."
Emphasizing on the role of the private sector in promoting economic growth, Perera stressed that the Government must be enabling the private sector to do their business.
"I think the business must be done by the private sector."
"The Government and the Ministers must be enabling the private sector to do their business. But when the Government also try to do business, I feel other than in certain industries where it has an impact by giving it all to the private sector like; banks, insurances, because if you give it only to the private sector it's fraught with danger when things get difficult. But, trading, running hotels, that type of basic business enterprises must be left in the hands of the private sector."
"I’m consistent with what I said two years ago and what I’m saying today. Those things don’t change with Government," Perera said.

dayandacool, ADVENTUS and judecroos like this post

3Access to invest in agri and livestock Empty Re: Access to invest in agri and livestock Mon Nov 23, 2020 10:14 am

dayandacool

dayandacool
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
There is a massive potential in Agri business which most diversified conglomerates seek to tap in to. If they could harvest the potential, this industry could become the next mega industry similar to dot com boom in the 90's. Eat healthy is a theme nobody can ignore. Very Happy

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