BDO and IDF in a strategic initiative towards the manufacturing economy – Business News

The Industry Development Forum (IDF) was formed in 2020 with the aim of promoting, supporting and stimulating sustainable and successful business growth. The IDF intends to achieve this by positively affecting the local business environment by providing training, advisory support and excellent networking opportunities.

While protecting local manufacturing plants and factories, the IDF also acts as a spokesperson for member companies by advocating on their behalf on policy issues with government. In addition, it helps its members achieve inorganic and organic growth, introduce technologies, facilitate research and development and new innovations that will have a significant impact on the country’s economy.

In order to realize its vision of fostering a vibrant and economically sustainable country through innovations in local industries, the IDF Board of Directors has appointed BDO Partners as a strategic implementation partner. BDO Partners is a global audit and advisory firm (fifth largest), providing professional services through an extensive global network.

Contributing to the achievement of the Sustainable Development Goals by strengthening local industries to serve as an engine of economic growth is the passion and commitment of BDO Partners. BDO’s goal of “helping people achieve their dreams” has become the ideology in the development of corporate strategy as well as strategic activities. This strategic plan will set the right direction and refine its focus to achieve its vision with defined SMART goals and objectives.

The past two years have been a difficult time all over the world. Every major economy is struggling to make a comeback and so do giant multinational corporations. Sri Lanka, as a developing country, has been hit hard by the pandemic and it is mainly small and medium-sized enterprises and the manufacturing sector that have affected the country’s economic environment the most.

In the past two years, the country has had to go through three major deadlocks, which have resulted in a drastic economic fall. Local manufacturers faced unexpected challenges with nationwide lockdowns that forced them to scale back operations resulting in negative cash flow. The industry is also affected due to weakening foreign exchange reserves and import restrictions in Sri Lanka.

Despite the overwhelming predominance of services in the Sri Lankan economy, the manufacturing sector continues to dominate its weight. It remains the main engine of productivity growth needed to spur technological change and innovation, essential for both job creation and well-being. This is evident in a developing country like Sri Lanka, especially in making industrialization a crucial part of efforts to achieve the Sustainable Development Goals.

The launch took place on August 29 and during the virtual meeting, “The role of the Industry Development Forum (IDF) and its strategy to develop industries through the forum, which represents the manufacturing sector in Sri Lanka” and “How to Survive and Thrive in a Highly Volatile Market Environment” were discussed by keynote speakers, IDF President and Managing Director of Tantri Trailers Athula Haputanthri and Managing Partner of BDO Sri Lanka and President of the Bank popular Sujeewa Rajapakse, respectively.

Collaboration with BDO Sri Lanka brought much needed knowledge and insight to the forum as the company has expertise in different sectors.

Rajapakse, who has over 30 years of experience with exceptional knowledge, provided information to the forum on the steps local manufacturers should take to deal with this VUCA world, especially regarding how to handle their operations with the evolution of monetary and fiscal policies in the country.

Members of the IDF Board of Directors attended the session: President Athula Haputantri, Sampath Mayakaduwa, Treasurer Kapila Wickremasinghe, Sagara Gunawardana, Dhammika Samarawicrkama, Asiri Gurusinghe, Secretary Pubudu Rupasinghe and Business Partner Madhura De Silva represented BDO Partners at the launch.

The main areas of intervention of the strategic plan are financial support, development of technologies and new products, skills development, quality improvement and accreditations, market development (both local and global) , the defense of policies and infrastructure, ESG and the improvement of cohesion. The areas targeted above will be supported by objectives and activities that have been prioritized according to the needs of the members and the economy.