Removal of Emergency regulations will boost investment and trade - NCCSL

Lifting emergency regulations from end of August was a long felt need by the business community and a timely move by the government, said the National Chamber of Commerce of Sri Lanka (NCCSL).

Asoka Hettigoda

The recent favourable developments such as mega infrastructure projects and improvements to the supporting services required by the business community have immensely contributed to the business sector and economic development resulting in an 8 .5 percent GDP growth.

However the last hurdle that the Business sector had was the eroded investor confidence local and overseas due to the almost continuous existence of Emergency regulations. President Mahinda Rajapaksa's move to lift the Emergency regulations, we feel, is timely as it is considered as stepping into a peaceful environment in our nation.

Lifting emergency regulations is another victory for Sri Lanka.

With the lifting of Emergency, we are sure that the investor confidence will improve and the anticipated Foreign Direct Investments (FDI) will realise.

In a globalised society, any country cannot survive and prosper in isolation as economies are integrated.

Especially Sri Lanka with its limited natural resources has to depend on FDI for higher economic growth for which the investor confidence plays a vital role.

In addition we believe that the lifting Emergency regulations would boost local business activities while their efforts in attracting foreign partners could be done with confidence.

This will help us maintain the anticipated economic growth rate of 8 percent and achieve $ 4,000 per capita income in 2015 thereby achieving our ultimate goal of becoming the Wonder of Asia.