Venora Group of Companies Chairman Sagara Gunawardena yesterday called for the relaxation of Board of Investment regulations that limit the companies operating in Export Processing Zones from selling in the local market
Gunawardena said that the companies operating in EPZs can only sell 20% of their products in the local market and this limit should necessarily be raised in order to curb foreign exchange outflow.
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| Chairman Sagara Gunawardena |
“About 20 % of some products can be sold in the local market. But this percentage is not enough in some products,“ he said.
Gunawardena said that some products manufactured locally will have to be imported to meet the demands of local consumers by paying in dollars. “There will be unnecessary spending of dollars. World famous branded garments are manufactured in Sri Lanka but these products have to be imported to local shopping malls by spending dollars,” he said.
Gunawardena opined that relaxation of such BOI regulations will boost the tourism industry too. “Country should identify global economic market trends and adapt accordingly, ‘’ he added.
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