Brain drain resulted in remittances
The recent brain drain that happened in the accounting profession can be considered a brain gain as they brought in additional remittances to CA Sri Lanka Vice President Tishan Subasinghe opined.
Speaking to the media at an event hosted by CA Sri Lanka he said that the main contributors to the local remittances are Sri Lanka expatriate workers serving in the Middle East. “Their average monthly income is around USD 200 per month.” However, in contrast, the accountancy profession employees who migrated during the economic crisis brought in more revenue over USD 500 to boost foreign exchange earnings. (which is around USD 6 billion from around 1.7 million foreign employees)
“Hence we think that brain drain is a gain as these professionals who migrated during the economic crisis bring higher remittances to Sri Lanka.”
He also said that the local accounting profession has an advanced education system that regularly feeds HR to institutions. Hence no big gaps are created due to brain drain as through the years, they have consistently worked towards elevating the standards of the accounting profession and empowering their membership.
“Back in Sri Lanka our members significantly contribute to the country’s economic development by serving in various local business leadership positions such as CFOs, Directors, CEOs, chairmans and partners.”
The country’s economic foundation and growth potential rely heavily on a robust accounting profession.
“CA Sri Lanka takes pride in the influential role we have played over the years, especially during serious economic turmoil. Whether navigating complex regulatory landscapes, reforming financial operations, or devising innovative risk mitigation solutions, our chartered accountants have been instrumental in steering our nation towards economic stability.”
During the debt restructuring process too, CA Sri Lanka’s accounting advisory services to the authorities and banking sector were invaluable in mitigating economic impacts and were highly commended.
Another aspect that CA Sri Lanka is keen to play a leading role is in creating a culture of zero tolerance towards bribery and corruption. Corruption undermines economic development, erodes trust in public institutions, and hinders fair business practices.
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