Ravi K urges locals to grab investment opportunities

By Waruni Paranagamage

Finance Minister Ravi Karunanayaka on Monday called on Sri Lankans to seize unfolding attractive investment opportunities before foreigners do, assuring that the Government will provide a more conducive policy environment.

He went on to say the Government would give priority for local investors in order to ensure strong Sri Lankan industries.   “Investors in Sri Lanka will be given the first choice, but we find that our businessmen are lagging behind. Hence, I call upon local private sector not to wait until everything is delivered to your door step.  We will ensure a business friendly regime – starting with investing and bringing foreign technology through collaboration. If locals miss the bus then foreigners will grab the opportunities. So I urge locals to give your best to the country which is now ruled by good governance,” he told addressing a seminar on ‘Sri Lanka 2020: Potential for Investment’ organised by Ceylon Chamber led Sri Lanka – Malaysia Business Council in Colombo.

He said that future incentives would be targeted and taxation would be rationalised and simplified to avoid confusion. The 2016 Budget will also give a major boost for exports and domestic industries.  “We will ensure clarity and consistency in policies,” Karunanayake added. 

He said that the domestic investments were significant in order to achieve the GDP growth.

“We are looking at a 6% to 7% GDP growth in the short run. Thereafter a 7% to 8%. If we notably do that, we need 30% to 40% investment. We are aiming at 14% to18% investments domestically,” he emphasised.

He further asserted that foreign investors who are willing to invest in Sri Lanka would also be provided with all the benefits and assured that there will be no hidden charges included apart from their investment.  

“We believe that there is no necessity of any entry cost anymore. So, the foreign investors are able to come in without any unknown costs,” he added.

Clarifying his point further the minister said that the Government would guarantee the financial discipline and good governance in order to create an investor friendly business arena.