The Government has introduced a transformative approach to State-owned enterprises (SOEs), shifting towards a dynamic public-private partnership (PPP) model to enhance efficiency and economic growth. Speaking at the final panel discussion of the Sri Lanka Economic Summit, Finance and Planning Deputy Minister Dr. Harshana Suriyapperuma emphasized the need for a reimagined framework that leverages both public and private sector strengths.
Highlighting successful international examples, Dr. Suriyapperuma stressed that the debate should not center on whether the Government should engage in business but rather on improving SOE efficiency and governance. He noted that while State involvement is crucial in sectors where private investment is lacking, the Government must reassess its role once these industries become self-sufficient.
The Deputy Minister advocated for PPPs as a strategy to inject capital and expertise into SOEs, improving their performance and competitiveness. He acknowledged that while some SOEs are profitable, they could benefit from private sector involvement to unlock new opportunities and expand market reach.
Recognizing past resistance to reforms, he assured that the Government, backed by a strong mandate, is committed to modernizing and streamlining institutions in the national interest. The approach will be flexible, with some SOEs remaining under State control, while others may be restructured or transitioned into private ownership. Additionally, new entities will be created to explore untapped resources with a focus on sustainability and innovation.
Dr. Suriyapperuma emphasized that SOEs should not be seen as a burden but as drivers of national growth. He also introduced the concept of a fourth model—public, private, and people partnerships—incorporating community stakeholders to ensure widespread benefits from reforms.