Ravi K tells investors seize the incentives

The Minister of Finance called upon local and foreign entrepreneurs to seize the best opportunity given by the Government and invest in Sri Lanka without postponing it for tomorrow. 

The investors have been given enough incentives in Budget 2017 and this is the best time for any investor to invest in Sri Lanka, the Minister said.

The Minister ensured that all the proposals that had been incorporated in the Budget would be implemented on time and some of the proposals had already come into effect immediately on the midnight of 10 November itself. 

The Treasury officials were working to give life to other proposals that would be implemented on 1 January 2017 and others from 1 April, with the beginning of the new tax year respectively. Budget 2017 has a joint approach under the Unity Government and the Minister expressed the belief that all the proposals could be implemented as scheduled.

The Finance Minister Ravi Karunanayake gave this assurance when he met local and foreign entrepreneurs and investors for a post-Budget discussion in Colombo last week.

Highlighting the incentives given to foreigners, the Minister said that the restrictions on foreign-owned companies acquiring land for commercial purposes and the restriction on foreign individuals owning apartments from the first floor have been removed.

The local and foreign investors present conveyed their approval of the proposals in Budget 2017, saying they were positive and bred a conducive environment for the development of the economy with foreign investment that would generate employment as well.

On the query of linking the investment with employment, the Minister said that it was meant to dodge the misuse but the Minister said that the Government’s criterion for new investment is the quantum of investment, value addition and labour. But if there is a reduction in the generation of labour we are ready to look into the other areas, the capital and the value addition that it would bring in.

On the question of an investor friendly visa process, the Minister said it had already been addressed through the Budget and it was already in place for the investment that would change the landscape of the country to issue a five-year multi-entry visa to such investors and their skilled expatriate labour. 

 

Budget 2017 serves people: SLFP

The Sri Lanka Freedom Party (SLFP) said last week  that Budget 2017 presented by Finance Minister Ravi Karunanayake will serve people of all income levels.

Addressing the SLFP weekly media briefing, Irrigation and Water Management Minister Vijith Vijayamuni Soysa said that the Government has increased allocations into welfare sectors such as health and education through the budget.

“This budget has allocated Rs. 27,487 million for health, nutrition and other health packages which was Rs. 21,377 in 2014. Also it has allocated Rs. 9,352 million for education which was at Rs. 5,753 million in 2014. That was why we called this budget a progressive one,” he said.

Outlining the increases in allocations and new economic initiatives, Soysa said that total bank assets have increased up to Rs. 8,623 billion which was at Rs. 6,388 billion in 2014. He also said that total of bank deposits have grown to Rs. 5,856 billion from the Rs. 4,432 in 2014.

Soysa challenged the Joint Opposition’s claim that the country’s economy has collapsed. 

However, he failed to point out which SLFP proposals have been incorporated into the budget, though he said said 95% of SLFP proposals had been included. (CG)