Promote local products and save forex – Ariyaseela Wickramanayake

The staggering drain of foreign exchange on import of oil and food stuff will cause a severe dent in the economy said Maubima Lanka Foundation Chairman Ariyaseela Wickramanayake.

He was speaking at a media briefing to oppose the US-backed resolution against Sri Lanka at the United Nations Human Rights Council in Geneva.

He said that Sri Lanka will not have money to import oil due to the rapid depreciation of the rupee caused by high imports which guzzle the bulk of the country's annual revenue. The rupee declined to a record low of Rs.131 against the dollar on Wednesday increasing prices of imported items.

”Foreign forces will not be able to dictate terms if we produce our goods and stop imports.

Dependence on imports will make us subservient to other countries”, Wickremanayake said.

Sri Lanka spends around $ 4,000m annually on import of oil while the country's annual revenue is around $ 10,000m. The highest quantity of wheat flour and milk powder was imported last year with 1.3 million metric tonnes of wheat flour and 83,000 metric tonnes of milk powder. Sri Lanka produces around 30 percent of its annual milk requirement of around 50,000 metric tonnes.

The country currently has around 15,000 milch cows. Petroleum products, machinery and equipment, synthetic yarn fabrics, wheat, fertiliser and building materials are some of the other items imported by Sri Lanka.

Wickremanayake said that the highest amount is spent on the import of cars. Around 4,500 cars are imported a month at a cost of around $ 200 million.

He said that the money spent on the import of cars could be used to develop local industries which would generate employment and enhance the income of people.

He said that 120 brands carry the Suriya Sinha logo which promotes the use of locally manufactured products.

The Maubima Lanka Foundation has called on the Government to promote local products and save the drain of foreign exchange. The Suriya Sinha logo is presented to institutions that produce goods locally at a ceremony held annually.

The Foundation educates schoolchildren on the importance of using locally manufactured goods.

- LF