‘National Policy on Industries’ for Cabinet approval in 2 weeks | Daily News

‘National Policy on Industries’ for Cabinet approval in 2 weeks

Guarantee Fund to ease entrepreneur woes
Aruni Kotalawala receives the Sri Lankan Entrepreneur of the year award on behalf of Wijaya Products (Pvt) Ltd. Picture by Saliya Rupasinghe
Aruni Kotalawala receives the Sri Lankan Entrepreneur of the year award on behalf of Wijaya Products (Pvt) Ltd. Picture by Saliya Rupasinghe

The proposed ‘National Policy on Industries ’ to safeguard, encourage and promote Lankan industrialists and entrepreneurs will be brought before the Cabinet of Ministers for their approval within the next two weeks, Industrial Minister Wimal Weerawansa said.

Minister Weerawansa made these observations at the annual CNCI Achiever Awards 2020, organized by Ceylon National Chamber of Industries (CNCI) in Colombo. Associated Newspapers of Ceylon was the Media sponsor.

A large number of local industrialists, manufacturers and Entrepreneurs received certificates and awards for the excellent service done by them to improve the Sri Lanka economy to a greater extent during the last year.

Speaking on certain trade agreements, the minister said many trade agreements did not strengthen the Sri Lankan economy and the Government needs to defeat all obstacles faced by our industrialists due to these trade agreements and encourage the country’s own industrialists to develop the local market, so that they can even enter the global market.

Speaking further the Minister noted that in addition to the proposed ‘National Policy on Industries’, steps have also been taken by the Government to introduce a ‘Guarantee Fund’ for the benefit of Sri Lankan SME sector industrialists to enable them to obtain bank loans with a certain amount of security provided through this ‘Guarantee Fund’.

“As we are aware most of our industrialists are today reluctant to obtain bank loans to start new ventures due to high security asked by banks. “The Guarantee Fund will be introduced by the Government in collaboration with the private sector, so that it will be a great relief to our industrialists,” he said.

He said this nature of funds will encourage our industrialists as well as entrepreneurs to invest in more ventures in the future and it will also help to provide more employment opportunities to our youth. Minister Weerawansa also mentioned that the government is now focusing attention towards granting more relief to industrialists by further reducing bank interest rates to a single digit in order to encourage the SME sector to invest in many other commercial ventures.

While mentioning several development activities carried out by former President Mahinda Rajapaksa during his tenure, Minister Weerawansa said due to his farsighted policies Sri Lankan economic growth had increased to 6.5% during that period. The Minister also highlighted the invaluable role played by the CNCI in the promotion of industries in Sri Lanka and said their contribution to the growth of the national economy is commendable.

The Sri Lankan entrepreneur award was won by Wijaya Products pvt Ltd.