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Minister of Trade Dr. Bandula Gunawardana[/caption]
Prevailing restrictions on vehicle imports are most likely to be carried forward throughout this year as well, in order to avoid a possible foreign exchange crisis in the country, according to Minister of Trade Dr. Bandula Gunawardana.
Speaking to The Sunday Morning Business, the Minister stated that the ban on vehicle imports is unlikely to be removed this year, as the Government is more concerned about “lowering the cost of living”.
“Would you prefer to import vehicles when the general public is struggling with the cost of living? Our priority now and going ahead is protecting the general public, and for this purpose, the ban on vehicle imports has to be maintained,” Dr. Gunawardana added.
When asked about what would happen to those who are engaged in the vehicle import industry to earn a living, Dr. Gunawardana added that the Ministry of Industries has submitted a cabinet proposal recently proposing that vehicle manufacturing and assembling plants be established in the island. Dr. Gunawardana added that this will provide alternative job opportunities for vehicle importers.
Meanwhile, speaking to The Sunday Morning Business, Vehicle Importers’ Association of Sri Lanka President Indika Sampath Merenchige, while appreciating the Government’s plan to bring down the cost of living, noted that it should not be done at the expense of those who are employed in the vehicle import industry of the country.
Merenchige charged that much of the industry has already gone out of business due to the prevailing stringent restrictions on vehicle imports. He added that the rest of the dealerships too will join the exit queue soon.
He expressed his dissatisfaction over the way the vehicle industry is being treated by the Government, despite the colossal sum of tax revenue the Government made through vehicle imports. Debt moratoriums and financial relief packages that were announced following the Easter Sunday incident in 2019 were not made available to the vehicle industry, even though the industry has been facing a financially tough period since late 2018.
Exacerbating the industry’s misery, the Government restricted imports following the local spread of Covid-19 in mid-March 2020 in order to avoid a possible foreign exchange crisis amidst a crippled global and national economy. Even though the initial ban on vehicle imports was imposed only as a short-term measure, the Government later on announced that vehicle imports would be restricted for another two years. They also ruled out a possible vehicle shortage by stating that the country has enough vehicles in stock for the next two years.
In 2019, Sri Lanka spent about $ 815.7 million on vehicle imports, compared to $ 1.5 billion the previous year. In August, the Central Bank of Sri Lanka stated that expenditure on motor vehicle imports declined by 80.9% due to the import restriction measures taken by the Government and the Central Bank since March 2020.