President Gotabaya Rajapaksa advised the officials to divert both institutional and independent innovations to the production market immediately, with the assistance of investors.
Researches by a number of institutes had led to groundbreaking innovations that could eventually triumph the global market. President stated that the production of these would earn foreign exchange income for the Sri Lankan economy and in addition the inventors would be further inspired in their innovations.
President made these remarks during a discussion with the State Ministry of Finance and Capital Markets and Public Enterprise Reforms with regard to its future activities at the Presidential Secretariat (September 23).
State Minister Ajith Nivard Cabraal noted that it has been observed that the interest rate, currency and market stability now remain at a satisfactory state and added that his ministry is enthusiastically striving to identify 10 new priorities in order to pave the way for a swift development in the economy.
When compared with the rest of the world, Sri Lanka has a favourable and appealing economy for foreign investors. “With the assistance of Sri Lanka’s ambassadors abroad and a proper advertisement program, we should devise plans to attract foreign investors to our country”. President added.
President highlighted the requirement of identifying investment opportunities and improving infrastructure facilities along with necessary prior approval accordingly.
It was also discussed to establish an office for pioneering foreign investors in the heart of Colombo.
President noted the significance of State Institutes reaching out to village areas and bank loan accessibility for small scale and medium scale entrepreneurs that would ensure rapid development in the country.
President directed the officials to inquire into the feasibility of lowering prices for cement and steel in order to decrease construction cost in the country.
Prime Minister Mahinda Rajapaksa stated that it is imperative to recover the background suitable for development that existed before 2015. He added that fragmentation of the lands used for Coconut plantations should be banned immediately.
289 large scale projects have been launched in the country. Head of the Presidential Task Force for Economic Revival Basil Rajapaksa advised them to be completed immediately and added that the conclusion of planned development projects such as roads, water supply projects and school infrastructure facilities and other planned projects would boost the construction sector.
President showed the importance of planning the transactions of the share market so as to attract young and other local investors. “Use of Sinhala language for simplicity and clarity would easily attract the local investors into the share market”. President added.
President advised the officials to take steps to compensate the investors who had invested in bankrupt finance companies. President further instructed them to ascertain the assets of these finance companies and compensate depositors accordingly.
Secretary to the President, P.B. Jayasundera, Secretaries to the Cabinet and State Ministries, Heads of the Line Institutes were present at the discussion.
