Sri Lankan government committed to liberalize the economy removing excessive controls
The government of Sri Lanka has reportedly expressed its commitment to liberalizing the country’s economy removing excess controls and has noted that it was time for Sri Lanka’s private sector to change their attitude of depending on state concessions and protection to make a tradable economy.
This observation was made at the inaugural ‘Breakfast Buzz’ hosted by the American Chamber of Commerce (AMCHAM) in Sri Lanka held last Thursday.
Finance and Mass Media Minister of Sri Lanka Mangala Samaraweera was the chief guest at the event and he had told the gathering that Sri Lanka will look to build competitiveness by liberalizing the economy where there are excessive controls and costs.
He had further noted that the Government will also be investing heavily in training and skills development and will work closely with the private sector in building the relevant skills.
Addressing the panel discussion at the forum, Senior Adviser to the Sri Lanka’s Finance Ministry Mano Tittawella had reportedly stated that Sri Lanka’s private sector is depending on incentives and protections granted by the Government.
According to Tittawela, protection should not be at the expense of the consumers.
He had added that the 2019 budget would present an industry-wide roadmap and it is essential for all successive governments to stick to this plan.
OSL take:
The government of Sri Lanka is engaged in introducing many policies aimed at strengthening and consolidating the country’s economy while attracting foreign investments by continuously improving the ease of doing business environment in the island nation. Looking at the comments made by Sri Lanka’s Finance Minister and Senior Adviser to the Finance Ministry, it is evident that Sri Lanka is heading on a path to achieve overall economic growth. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka without any hesitation.
| Article Code : | VBS/AT/25022019/Z_6 |