NEC to strengthen economy

• Pledges to protect local industries when signing FTAs 
• Calls for the support of all stakeholders to optimise NEC 
• Govt. to implement new program for SMEs 

The establishment of the National Economic Council (NEC) was integral to an effort to strengthen the economy and formalise economic management, President Maithripala Sirisena said, calling for support from all stakeholders to develop the country.

The objectives of the NEC are to increase export income and develop the local industry, he said at an event this week, pointed out that there is a need for a stronger program for the development of agriculture.

 “The NEC aims at fulfilling the Government’s responsibility for the development of industries,” he said.

The President, speaking at the annual Planning Award Ceremony of the Ceylon National Chamber of Industries, held on Thursday, said the National Economic Council was established following discussions with representatives of World Bank, the International Monetary Fund, local and international economic specialists as well as Sri Lankan specialists working abroad.

The President requested the support of everybody for the smooth operation of the NEC Colombopage reported. 

President Sirisena emphasised that the Government will not sign any free trade agreement that will bring injustice or challenge to local industries or entrepreneurs.

He said some groups that are not related to the business sector are scaring the business community by feeding them false information. 

“The Government is getting into free trade agreements with foreign countries only after protecting local industries,” he said.

The President pointed out that state patronage for the development of local industries was not sufficiently done in the past. He said the Government will implement a new program within the next few months to encourage and guide small and medium scale entrepreneurs.

This award ceremony was organised by the Ceylon Chamber of Commerce for the 16th time. The awards were conferred on 16 micro, small, medium and large business institutions, under five categories.

Ven. Athuraliye Rathana Thero and Chairman of Ceylon National Chamber of Industries Tissa Seneviratne were among those who took part in the ceremony.