'BOI should create environment for business development'
Sri Lanka has the best environment for investment and doing business,
Laugfs Holdings Chairman W.K.H. Wegapitiya said. He said the business
environment was severely affected for several decades due to the battle
against terrorism that impeded investment and stifled economic growth.
“Incentives have been provided for new entrepreneurs to start
businesses and the SME sector to develop businesses,” Wegapitiya
said.While recognising the opportunities and potential for business
development in the country, Wegapitiya also underscored the importance
of improving the work of the BOI to boost foreign direct investments and
creating a better environment for businesses in the country.
The BOI should not be a one-stop shop, only in name, but should
implement rules to create such an environment. Wegapitiya said that the
proposed power tariff hike will have a major impact on the industrial
sector and added that industrialists and entrepreneurs should face
challenges instead of depending on subsidies.
“Korea, Japan and China developed their economies by going through
difficult times,” Wegapitiya said.He said the private sector should be
encouraged to generate energy for their ventures. Entrepreneurs should
be allowed to develop mini hydro power plants and transmit it to their
factories through the national grid.
Wegapitiya said that Laugfs will set up a LPG import terminal in
Hambantota and added that the company is awaiting approval from the
government for land to set up the terminal. “We had discussions on the
proposal and hope to commence work on the project within the next two to
three months,” he said.
Laugfs which ventured into the leisure sector will launch its first
88-room luxury resort in Chilaw in June. The four-star hotel will cater
to the upmarket tourism sector and will provide jobs to around 150 youth
in the area. The company will commence construction of its 110-roomed
hotel in Passikudah shortly and plans to complete work on the project by
2015. The hotel will provide jobs to around 300 people in the area.“The
hotel in Waskaduwa which comprises 250 rooms is in the designing stage
and we hope to commence work on the project by August this year,”
Wegapitiya said.
- LF
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