Basil assures maximum Govt. support for local industries, entrepreneurs

Task Force on Economic Revival and Poverty Alleviation Chairman Basil Rajapaksa has assured maximum Government support for local industries and entrepreneurs to revive the economy facing severe challenges following the global and local shocks from the COVID-19 pandemic.

This assurance was given when he met a group of local industrialists and entrepreneurs on the way forward post-COVID-19.

Sources said Rajapaksa assured that the Government will make it a prioritised policy to control the outflow of foreign exchange, continue import restrictions as much as possible, and if imports are to be allowed due to local or international pressure, the Government will provide adequate and necessary protection to local industries. 

The Government will also prioritise and support local industries and import substitution ventures and production with higher usage of local raw material inputs. 

Along with manufacturing, other sectors to be supported include plantation, livestock, fertiliser, fisheries and agriculture based industries that can cater to the domestic and export markets. 

Rajapaksa had further stated that pioneering ventures with high investments and reviving existing ventures which could replace imports would be given the support with a backup guarantee agreement by the State assuring protection against imports. 

Those who attended the meeting said it was very positive whilst several concerns and issues faced by industrialists were resolved promptly, which they highly commended.