The government was in the latest phase of reform and they had the political will to open Sri Lanka’s doors for investors to come in and utilize Sri Lanka, Dr Harsha de Silva, Deputy Minister of Policy Planning and Economic Development said, addressing the Sri Lanka Economic and Investment Conclave yesterday in Colombo.
The European Parliament has given Sri Lanka the nod to export 6,600 products with zero duty to 28 European countries. Those were the kinds of advantages the investors can use.
Once CM Port comes into operation in Hambantota, 50 sq km of industrial space will be created for big businesses to come and become a part of the global production network. He said that was the reason that the Budget took off para-tariffs of 1,200 products.
“We are committed to unilaterally reform our trade and make it as easy as possible for people to enter and exit. Last month we took out an archaic law called ‘Foreign Exchange Control’. How can we live in the 21st century and expect to integrate with the rest of the world when you have something called ‘control’ after foreign exchange? You can’t. People must have the freedom and flexibility to bring their dollars and take out their dollars, bring in their yuan and take out their yuan or rupees. As of now, we don’t have foreign exchange control.
The word ‘control’ has been removed and we have introduced something called foreign exchange management. We have loosened the law and created the space for investors to come,” the Deputy Minister added.
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