Who shake the money tree of the global village?


Oil, gas, and coal have shaped the world throughout the last centuries.Oil was referred to as black gold. Competition to acquire  these resources led to many wars in the past. The world’s most powerful companies revolved around these resources. Shell, BP, Gazprom, Saudi Aramco, BHP, Anglo American are just a few examples.

But today Paypal, Google, Facebook, Amazon, Alibaba, Uber, Airbnb have emerged beyond those companies. Said companies are not involved in the oil, gas or coal trade. And their creatives are amazing.

Although Paypal is the largest bank in the world today, there are not any branches. Facebook is the world’s largest media company,there are no journalists. Uber is the world’s largest transport company,they  don’t own any vehicles.Amazon is the largest retailer in the world, they don’t have any store.Google is the world’s largest advertising firm,they do not create any commercials. Airbnb is the largest hospitality firm in the world, they do not own a any property.

Information technology has become the most powerful commercial weapon in the modern world. e commerce has become the most largest money tree in the modern world. Although IT and e-commerce are the most important commercial channels in the world, Sri Lanka still they are in Stone age.

There is an international methodology for dealing with e-commerce.When a Sri Lankan  order an item from USA on online, the payment should be made in USD. Also the relevant amount must be received to the seller properly.

Financial companies like PayPal have been established to carry out particular  money transfer in a reliable way. Nevertheless to facilitate intermediary  service like Paypal, both countries must adhere to the accepted methodology. Context of our time, although USA adopts that methodology, Sri Lanka is not ready.

Today, almost the entire world is on the e-commerce platform, Sri Lanka is lagging behind. Selling a product to a foreign country online and making money is a complex process. That is, the Commercial Banks, Inland Revenue Departments, Central Banks and Export Control Institutions of both countries should combined . But the Sri Lankan government has so far failed to connect these institutions with globe.

As a result, although Sri Lankan person can buy a products from overseas, but they  cannot sell.It is a great lost for a local entrepreneur not to be able to sell a product to a foreign buyer and get Dollars through mass e-commerce.It is a major obstacle to the development of the local economy. It is an obstacle for local manufacturers to expand the market. This situation prevents the inflow of dollars  and encourages  outflow.

During the period of previous government Finance Minister Ravi, a system was devised to sell a product to a foreign country through the e-commerce  and gain dollars . In the first stage, attempts were made to network the banks,  Inland Revenue Department,Central Bank and  export control agencies through ICTA.  But it was failed due to bureaucracy.

Subsequently, Ravi arranged necessary IT ground work through a third party (Canadian company). When the doors of  global e-commerce were about to open Ravi was removed from the position. That arbitrary decision was taken by President Sirisena. By that, all the efforts done towards inaugurated payment gateway were collapsed within overnight

It is worthy to note Srilanka has lost $ 50 billion of export market as there is no legitimate system. Because of that  Sri Lanka has not been able to shake the money of the global village.Not only droller inflow  hundred thousands of  online job opportunities  for Srilankas have been lost.

In more, absent of legitimate e-commerce platform  Sri Lankan citizens involved with fake transactions. Restarting the e-commerce platform from where it left off is indispensable duty.