Rs. 500 b investment in next 5 years to achieve export targets: PM

Saturday, 5 October 2019 00:10 - - {{hitsCtrl.values.hits}}

Prime Minister Ranil Wickremesinghe says a massive leap forward based on positive reforms has to be taken to embark on a path of rapid development through an export-oriented digital economy. He said the Government is committed to investing Rs. 500 billion over the next five years to achieve the target.

The Premier held a special discussion at Temple Trees yesterday with the members of the Chamber of Commerce of Sri Lanka on the series of proposals prepared by the Chamber to build up the local economy.

Prime Minister Wickremesinghe pointed out that although the Government had to take on an unbearable debt burden in 2015, it has now overcome the challenge of moving the country towards a path to reform the economy while easing the debt burden.

The Prime Minister further stated that the Government has accepted the challenge of bringing the country to a great economic level by easing its debts. He pointed out that by fast-forwarding, the country would be able to escape the debt burden by the year 2030 and generate employment and new income streams.

Everyone at the meeting agreed that these new employment and income avenues could be achieved through an export-oriented economy.

The practical issues and difficulties faced when starting from a small business to a large-scale business venture were also discussed. The Chamber of Commerce representatives pointed out that a need for a mechanism to promptly deliver all services by one hub has become urgent.

At the meeting, ideas were exchanged at length on a number of issues, including modernisation of agriculture, the financial sector, small and medium-scale industries, transportation and transportation services, administrative problems, regulations and rules, private health services, and the subject of education.

The importance of reaching a common agreement in consultation with other boards and organisations on the reforms to be carried out was also emphasised.

Prime Minister Wickremesinghe was also briefed on the commerce and commercial space surrounding the Kandy-Colombo-Hambantota Expressway and the Economic Development Plan for the North and East.