Investors praise President’s economic road map | Sunday Observer

Investors praise President’s economic road map

9 October, 2022

Many investors, exporters, manufacturers, and the business community have upheld President Ranil Wickremesinghe’s Thursday Parliament speech outlining the Government’s policy to recover from the country’s financial crisis. They expressed confidence that the President’s plan would work and they would support it.

The President highlighted in his speech that he is following a path drawn from the Buddhist discourse, Kutadanta Sutta, to recover from the current financial crisis.

Kutadanta Sutta discusses how providing financial support to entrepreneurs and businesses, providing adequate wages for workers to maintain a decent life with human dignity, and a Government using the country’s resources to improve the economic conditions contribute to prosperity.

The business community members commented on President Wickremesinghe’s economic recovery speech.

CEO Lanka Ashok Leyland and Chairman SEMB Leasing Umesh Gautam

President Ranil Wickremesinghe’s strategy to recover from Sri Lanka’s current economic crisis is welcome by the Indian Government and the Indian private sector.

Prime Minister Narendra Modi has assured India’s commitment to assist Sri Lanka to the Sri Lankan President.

Our company has been in Sri Lanka for so many years. I have been here for nearly 35 years. We would not leave Sri Lanka because of its economic collapse because we have faith in the President’s economic recovery plan.

The current financial catastrophe in the country will not last long, with the President’s plans to increase investments and support businesses to achieve a high growth trajectory.

It is good to note that there are no long queues for fuel and gas, on the roads.

The rupee devaluation is on while the dollar has been appreciating the world over.

The Government held the dollar for a long time, which affected the country’s foreign exchange position. The prices of goods went high because of this. We were all kept in the dark when the world dollar went up, and Sri Lanka controlled the rupee.

When the rupee was steady, private sector investors could not plan their imports properly. A good thing after this Government came to power was that they devalued the rupee. In the past three to four months, it helped the importers to plan their imports.

The President said that the Government is on a course to revive the country’s tourism industry. I am sure that a lot of Indian tourists will visit this country. India will assist Sri Lanka in its efforts along with other countries, including South and Eastern Asia.

CEO, National Chamber of Exporters, Shiham Marikar

The exporters will support the Government’s initiatives. We request that the Government introduce strong policies for exporters to move forward. The President is trying to do something.

He will get the support of the International Monetary Fund and the Asian Development Bank. He has already got positive responses from the countries like Japan and US, the Philippines, and Singapore to work in partnership.

Concerning the Free Trade Agreements we had inked with these countries, he has taken initial actions to activate them and put them into full force.

We want to discuss with the President, the position of the exporters. We are sure that our input will help the Government prepare its policies.

Chairman of Mawbima Foundation, Ariyaseela Wickramanayake

We appreciate the decision of the President to give financial support to local investors on a firm footing to develop local industries.

I have been saying for years that we can develop our milk industry, sugar, sugar-cane, and canned-fish industry on our own.

We need the Government’s support to obtain machinery. We must take advantage of the country’s raw materials and principal requisites for developing these industries.

The President has spoken of the necessity for local food production and industrial growth. We can save a lot of foreign exchange by reducing the import of food items. If you look at the production of onions in Dambulla, we can safely say that we do not need import onions, for that matter, even potatoes.