Sajith Premadasa meets COYLE biz leaders

Cabinet Minister of Housing and Construction Sajith Premadasa, together with State Minister of National Policies and Economic Affairs Dr. Harsha De Silva, met several of the country’s key business leaders of the Chamber of Young Lankan Entrepreneurs (COYLE), who actively contribute to the economic development of the country, at the Hilton Colombo recently. 

Both parties discussed major orientations to enhance political trust and implement practical measures to boost cooperation in investment, trade and ease of doing business.

They were welcomed by COYLE Chairman Dinuk Hettiarachchi and Senior Vice Chairman Aminda Rodrigo.

The Minister in his speech shared his thoughts on the current status of the social, political and economic conditions prevailing in the country. 

Whilst congratulating the COYLE businessmen on their individual success stories; based on sound judgment and strategy in implementing profitable ventures, he stated that if Government leaders carried out such effective decision making processes and implementation, it would be successful to the country and its people. 

To emphasise his statement, he quoted examples of leaders such as Lee Kuan Yew, Mahathir Mohamed and Bill Clinton who guided their countries to economic success and improved lives for its people. 

He also cited late President R. Premadasa’s effective peoples-upliftment programs such as the ‘Gam Udawa’ and ‘Janasaviya,’ which boasted of a hands-on approach, strict monitoring process and implementation for socio-economic success. Building on this foundation he reiterated his commitment to the building of 2,500 model villages, which was well under way under a strategised and regularly monitored system to achieve this goal.

COYLE members raised concerns on several issues, focusing on the construction industry. They were based on the influx of several Chinese, Indian and Korean companies which have already infiltrated the industry. In addition, the dearth of manpower was brought up which is adversely affecting local construction companies. 

The Minister in his response, agreed that protective measures should be put in place to protect local entrepreneurs from this threat, but also said that on a macro level, the huge loan repayments to countries such as China has been chiefly instrumental to the prevailing situation. He added that it was a national disgrace to import manpower to work in local industries.

Issues pertaining to the new tax reforms too was mooted, to which Dr. Harsha De Silva explained some changes being done to the PAYE tax structures.