President meets local entrepreneurs to join nation-building process

COLOMBO (News 1st); President Gotabaya Rajapaksa on Monday (21) invited local entrepreneurs to invest in local industries and join the nation-building process.

The President made these remarks at a discussion held with large-scale entrepreneurs in various fields at the Presidential Secretariat.

The meeting took place with the objective of obtaining the assistance of the private sector in the development process.

The discussions were on a number of areas including foreign exchange generation, State fiscal policy, foreign employment promotion, investment incentives, increasing exports, renewable energy, agricultural products, adequate supply of fertilizers, and tourism promotion.

The President said that large-scale investments in a number of sectors, including renewable energy, green agriculture, technology parks, and greenhouses, would open up great opportunities to control foreign exchange.

Appreciating the support of local entrepreneurs to build the country, the President said that the business community has the ability to rectify the misconceptions that some are spreading to achieve their narrow goals, in an environment where the Government is trying to rebuild the economy in the face of a global epidemic.

Finance Minister Basil Rajapaksa pointed out that the shortage of cement has arisen due to the increase in demand for cement with the revival in the construction sector during the past two years and said that the Government is focusing on manufacturing more cement locally.

Pointing out that there is no shortage of essential commodities in the market, the Minister urged the traders not to take undue advantage of the decision taken to remove some of the price controls except for medicinal drugs.

Central Bank of Sri Lanka Governor Ajith Nivard Cabraal said the Government would maintain fuel reserves in a manner that would not harm development and industries, despite the challenge of obtaining fuel on cash.

The Governor said the country is losing foreign investment opportunities due to false propaganda about the country’s economy, and added that the Government has the ability to repay all foreign loans and will take steps to attract investments.