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President’s Secretary Dr. P.B. Jayasundera yesterday (25) shed light on the reasoning behind the Government’s decision to halt vehicle imports into the country.
He stated that until 2019, between $ 1-1.2 billion was spent per year on importing vehicles to Sri Lanka. He said that the vehicle stock in the country had risen significantly between 2015 and 2019; to the extent that it would be sufficient for two-and-a-half years.
“If you want to buy a vehicle now, you can go to a dealership, of which there are more than clothes shops now, and buy a top-range vehicle – the best kind, whatever you want. The increase in prices is a different issue. There is much stock of vehicles,” he said.
In this backdrop, Dr. Jayasundera questioned as to why the country needs to continue importing vehicles whilst facing a foreign exchange crisis.
“If vehicles are being imported, reconditioned, and then re-exported, then there is logic to that, similar to the apparel industry which is importing textile material and exporting a manufactured product, thereby generating a number of jobs,” he said.
“But this is not something like that,” he continued, adding that the vehicle import industry only sees an outflow of foreign exchange such as money spent on the vehicles, parts, fuel, service fees, and royalties.
He stated that fuel, vehicles, and even motorcycles are imported from abroad and that therefore the country’s economy is stuck in a “vicious cycle”.
“In order to reverse this, you must have courage, (implement) permanent policies, and decisions need to be taken fast and need to be implemented,” he said.