brand logo

Archaic rules and regulations hindering investments: President Gotabaya Rajapaksa

17 Jun 2022

  • President reviews progress of Ministry of Industries
Pointing out that longstanding rules and regulations are a serious obstacle to investments, President Gotabaya Rajapaksa said that opportunities for local and foreign investors in the industrial sector should be expanded to earn foreign exchange expeditiously. Speaking during the progress review meeting of the Ministry of Industries yesterday (16), he said that after identifying industries that can earn foreign exchange, steps should be taken for their development. The President also requested the relevant officials to look into the possibility of using the foreign exchange earned from the export industry directly for the import of raw materials. Rajapaksa further pointed out that investors could not be won over if all those who grant approval for investment projects do not work together to find solutions to existing problems. Noting that the country’s economy is based on trade, the President stated that there is an urgent need to transform it into a productive economy. “Longstanding rules and regulations are a serious barrier to investments. There is a lot of work to be done for the promotion of the industries by adopting new strategies to encourage investment,” he added. Minister of Plantation Industries and Minister of Industries Dr. Ramesh Pathirana, who was also present at the meeting, said that although the amount of foreign exchange that can be earned from the gem industry is very high, due to the existing rules and regulations, Sri Lanka does not make a proper profit out of gems. As a remedy, he stated that a new policy would be formulated for local industries. He said that the main work related to it has now been completed and that it is expected to be presented shortly. Ministry of Industries Secretary Gen. Daya Ratnayake said that the rules and regulations of many State institutions discourage the establishment of new industries and the operation of existing industries. As a result, the country has lost many foreign investors, he said.


More News..