“Increasing private sector investments is very important to strengthen the government programme aimed to stabilise the economy by systematic debt management. Wider opportunities will be offered for private investors in this regard,” Prime Minister Ranil Wickremesinghe said.
He was addressing the gathering at the 45th anniversary celebrations of the Mahanuwara Sinhala Velanda Peramuna at the Grand Kandyan Hotel on October 20.
Prime Minister Wickremesinghe said the country needed Rs. 3,000 billion to repay debt during the next two years. “It would not be a problem when the economy picked up under the government’s development plans,” the Premier said.
“The Mahanuwwara Sinhala Velanda Sangamaya had produced a powerful trader community connected with the open economy. Its membership had rendered a great socio-economic service by providing direct and indirect employments to nearly 17,500 people,” the Prime Minister said.
“It was to steer the country towards development that they have formed a national government. This was a fine opportunity to take the country forward by developing the economy,” he said.
“Widening the VAT net was a step taken by the Government to increase state income. While managing the country’s debt, the Government had to find money for education and health services. The only way is through private investments. Countries like China and Singapore had achieved vast strides in development by increasing private investments,” the Prime Minister said.
Referring to a statement made by the Association’s President, the Prime Minister said he too liked to reduce the direct and indirect taxes. “But it could not be done soon due to the country’s immense debt burden,” he said.
“Since taxes could not be decreased at once, they had decided an alternative to provide almost 200 percent of capital needed for new investments. This could be increased to 300 percent if they invested in the north,” he said.
“The country regained the GSP plus facility. We could send 6,000 types of goods to Europe under the facility. But now we sent under it only about 60 items,” the Premier said.
“Today the business world had shifted to online. Our businesspersons too should get accustomed to modern business lines. The Government would enter into free trade agreements with China, India and several other countries with an eye on the next 10 to 15 years,” he said.
“The Central Expressway was planned to usher in development to the Kandyan areas. Japan had agreed to assist to develop the Kandy City,” he said.
Mahanuwara Sinhala Velanda Peramuna President Newton Pieris said their membership had provided nearly 25,000 direct and nearly 150,000 indirect employment avenues to people.
“The business community had achieved many victories via open economic policies introduced in 1977. Their entire business turnover amounted to nearly Rs. 200 billion and they paid nearly Rs. 5 billion annually as direct and indirect taxes,” he said.
Association Secretary Vajira Keerthikumara delivered the vote of thanks.
Ministers Lakshman Kiriella and Malik Samarawickrema, Central Province Governor Niluka Ekanayake and Chief Minister Sarath Ekanayake were present.
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