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CERTIFIED MANAGEMENT ACCOUNTANT 11

market. India is developing fast and, as of twenty years, the investors were sufficient raw materials but lack of
a result, their consumption levels have required to hand over the plants to funds to develop them. We must get
risen. Products that were exported Vietnamese staff. Today, Vietnam is one foreign investments, and for that, we
by India are now imported because, of the top shoe manufacturing countries must have proper policies to give them
with the high development of their in the world. They invited Samsung and confidence. Noritake, for example,
economy, the local demand for most gave them the fullest support to build came here and were able to produce
products have increased. We must look manufacturing plants in the country. the best porcelain from our own raw
into commodities that can be exported So much so that Samsung and related materials. We are now doing a proper
to India. industries are now contributing about analysis to see what we have and
20% of their GDP. Last year, the FDI what we don’t have and bridge the
We need to get the best practices and in Vietnam was US$20 billion even in gaps by bringing experts, finances,

technologies from outside. If you take spite of the pandemic. and investments from outside. The
Vietnam as an example, they identified Industries Ministry will become the
their vacuums and gaps and the What is the secret of Vietnam’s major pillar in our economy.
measures to bridge them. In the shoe phenomenal growth? It’s due to
industry, they found the availability of proper policies, implementation, and We have been having a 57% share of
the required raw materials and their consistency. In Sri Lanka, even if we the economy from the service industry,
own capacities, and then went to have the technology, we don’t have the but when the pandemic broke in,
the countries that produced the best money to put that technology into use. the Tourism Industry collapsed. So,
shoes and invited them to invest in Then we must look for investments. For without depending too much on the
Vietnam with the best technology in the tile industry and other industries service industry we must strengthen
shoe manufacturing. Within a matter that I mentioned before, we have the manufacturing industry.

www.cma-srilanka.org | Volume 06 -No. 2 - September 2021