Exchange control relaxed to promote business abroad
The exchange control procedure has been liberalised for Sri Lankan
businesses to venture into overseas markets. Governor of the Central
Bank, Ajith Nivard Cabraal, the chief guest at the Indo Lanka Chamber of
Commerce and Industry on Friday said that Sri Lankan companies should
have the courage and determination to venture into the huge Indian
subcontinent to set up business.
He said although the Free Trade Agrement (FTA) between India and Sri
Lanka had matured only a few Sri Lankan companies had achieved success
over the years. The companies had the courage and vision to set up
businesses in India taking advantage of the Free Trade Agreement.
He said the concept enshrined in the Mahinda Chintana was to
encourage small business to become medium sized businesses and medium
businesses to become large and large ones to invest overseas. For this
purpose exchange control regulations have been liberalised where
approvals can be granted in a month.
Several Sri Lankan companies have set up businesses in Australia, the
Maldives and other countries, he said.
Referring to tourism he said there was more potential in tapping
markets such as India, China and the Middle East than the Western
markets that have imposed travel advisories.
The government’s intention was to make trade, industry and the
Chamber of Commerce comfortable with the new partnership being formed.
He said the private sector would benefit more than the government.
India and Sri Lanka enjoy a special relationship and even legends had
contributed to foster the relationship, he said.
Referring to the formation of the Indo Sri Lanka Business Council, he
said it was most timely when business activities were taking between the
Referring to the trade deficit he said that Sri Lanka imported goods
to the tune of US dollars 13 billion and exports amounted to only nine
billion US dollars. Mano Selvanathan was appointed unanimously for the
second time as the Chairman of the Indo-Lanka Chamber of Commerce and