After todays breakfast we headed to the University of Ruhuna where we had a second lecture about Sri Lanka’s economy and the economic crisis from 2019 to 2023. The lecturer, Dr Nandasiri Keembiyahetti, mentioned the large debts the country is in, especially to China, India and Japan which all have lended Sri Lanka money for various reasons. He also spoke of investments done by the Sri Lankan government with money loaned by other countries which went to non-income generating projects. This has in some cases, such as with China, led to Sri Lanka having to sell these projects back to the country which they lended the money from. Lastly, he summarized and differentiated between natural causes and man-made causes for the economic crisis. The natural causes included covid-19, global economic downturn and the Ukraine-Russia conflict. Man-made causes were structural problems in balance of payment, short vision of politicians, corruption and excessive money printing.
Later in the day we visited The Matara District Chamber of Commerce and Industry which is a vital institution dedicated to empowering businesses, fostering economic growth, and driving innovation across various sectors. It serves as a dynamic platform that brings together individuals, companies, and associations from diverse industries, including agriculture, manufacturing, services, finance, tourism, and construction. By offering membership benefits and specialized initiatives, the Chamber aims to strengthen the business ecosystem and facilitate sustainable development.
Through initiatives like the Export Development Hub, the Chamber supports businesses in entering and expanding into international markets. The Digital Marketing Hub empowers small and medium-sized enterprises (SMEs) to harness digital platforms for growth, while tourism development efforts promote local attractions, cultural events, and eco-tourism. International relations management and trade fairs enhance global partnerships and provide members with opportunities to showcase their products and services to a global audience.
As mentioned previously in Prof. K.H. Nandasiri lecture about economic crisis and its influence on different sectors of the economy in Sri Lanka, tourism is one of the most important income for Sri lankas economy.
The Matara District Chamber of Commerce and Industry wants to focus on tourism and how they can raise tourism in Matara. While there are many tourists in southern Sri Lanka during high season, many restaurants and hotels remain silent during off peek season. This affects large numbers of the southern population, as tuktuk drivers, restaurants, hotels and others are heavily dependent on tourism. The Matara District Chamber of commerce and industry, therefor wants to figure out ways to promote southern Sri Lanka during off peek seasons. They have among other things been wanting to promote different festivals for tourists. Recently they have made “international food and cultural festival”in 2023.
In addition, the Matara District Chamber of Commerce and Industry provides essential marketing support to its members, many of whom face challenges in accessing computers and digital tools. This support helps bridge the gap, enabling businesses to effectively promote and develop their products despite these limitations.
We ended the day with a long-awaited swim in the Indian ocean at Polhena beach where the water was warm and the sunset beautiful☀️
We are looking forward to the rest of the trip!
Group 3 - Martine, Rebecca, Signe, Kristin