Presidential pow-wow with private sector

• Meets business leaders in high powered talk on foreign exchange generation, State fiscal policy, foreign employment promotion, investment incentives, improving exports, renewable energy investments, agricultural products, supply of fertiliser, tourism promotion
• Tells large-scale investments on renewable energy, green agriculture, technology parks, greenhouses will open up great opportunities to limit foreign exchange outflow
• Commends private sector efforts taken to revive economy 
• Opines private sector leaders able to rectify misconception spread by various factions 
• Finance Minister Basil Rajapaksa says cement shortage due to construction sector boom
• Assures uninterrupted food supply, but urges biz leaders not to take undue advantage of no MRPs
• Central Bank Governor Nivard Cabraal claims SL missing foreign investments owing to false propaganda 
• Affirms SL will honour all foreign loans, pledges to attract new investments
• Biz leaders praise national vaccination program enabling resumption of economic activity
• Private sector requests President to stop brain drain and forex outflow
• Suggests to introduce education opportunities with same standards within SL

President Gotabaya Rajapaksa yesterday called on the top private sector leaders to invest in local industries and to give a hand in the nation building process.

The high-powered meeting was chaired by President Rajapaksa along with Finance Minister Basil Rajapaksa, Central Bank Governor Nivard Cabraal and the country’s top private sector leaders including Kasturi Wilson, Dhammika Perera, Krishan Balendra, Ashrof Omar, Mohan Pandithage, Ashok Pathirana, Sumal Perera, Gerard Ondaatje, Ranjith Pandithage and many others representing vast industries, banks participated at the Presidential Secretariat held yesterday.

The discussion was convened with the objective of obtaining the assistance and views of the private sector leaders in the development process. 

The discussion revolved around a range of current economic topics such as foreign exchange generation, State fiscal policy, foreign employment promotion, investment incentives, improving exports, investments around renewable energy, agricultural products, adequate supply of fertiliser and tourism promotion.

President Rajapaksa pointed out that large-scale investments on renewable energy, green agriculture, technology parks and greenhouses would open up great opportunities to control foreign exchange outflow.

Commending the support of local entrepreneurs to build the economy, the President said the private sector has the ability to rectify the misconceptions that some are spreading to achieve their narrow goals in an environment where the Government is taking all efforts to revive the economy amidst the pandemic.

The Finance Minister pointed out that the shortage of cement is due to the increase in demand for cement as a result of the revival in the construction industry during the past two years, adding that the Government is focusing on manufacturing cement in the country in future.

He also assured that there is no shortage of essential commodities, whilst urging the top private sector leaders not to take undue advantage of the decision taken by the Government to remove some of the price controls on certain commodities except for medicinal drugs.

The Central Bank Governor claimed the country is losing foreign investment opportunities as a reflection of the baseless propaganda carried out regarding the economy.

“The Government is capable of honouring all foreign loans and we will take steps to attract investments into the country,” Cabraal said.

The private sector leaders praised the successful national vaccination rollout, pointing out that they were able to keep their businesses afloat amidst the COVID pandemic.

They also noted that country’s export-oriented companies received a large number of orders even during the height of the pandemic, as top countries failed to effectively control the spread of the COVID pandemic.

Noting that Sri Lanka is witnessing a significant revival in the tourism sector in the post-COVID, the private sector leaders highlighted the need to enhance the facilities to promote the sector.

Top business entrepreneurs also called on the President to introduce a mechanism to prevent the brain drain and foreign exchange outflow, asserting that a large number of young students go abroad to pursue their higher education. They suggested to President Rajapaksa to set up a mechanism to create such educational opportunities with the same standards within the country.

Secretary to the President Gamini Senarath, Principal Advisor to the President Lalith Weeratunga, Finance Ministry Secretary S.R. Attygalle and many entrepreneurs from various industries were also present at the meeting.