‘Investments up 74 percent'

by Naalir Jamaldeen

Investments in the country have increased by 74 percent from 2005 to 2014. Infrastructure facilities have also been developed by the same percentage, Investment Promotion Minister Lakshman Yapa Abeywardena said.

He said that the Government is committed to protect the environment while improving the industrial sector. Both sectors have been given due recognition.

The S&D Chemicals (Pvt) Limited in Piliyandala was closed down due to a small reason.

“But within a couple of weeks we held talks with the authorities of the Biyagama Export Processing Zone and relocated the factory in the zone,” the Minister said.

The same thing happened at the factory at Rathupaswala. Whatever the problem we can overcome it.

This factory will be re-opened at a suitable location,” Minister Abeywardena said.

He said that it is important to listen to the views of the people while protecting the industrial sector. Protecting the industrial sector is the prime duty of the Government. The BOI is engaged in investment promotion programs while protecting the privileges of the people.

Certain views expressed by the people may be complex and difficult to implement, but listening to them is the duty of the Government. Minister Abeywardena said that whatever problems that may arise, protecting the industrial sector is the bounden duty of the Board of Investment (BOI) and no room will be left for the industrial sector to collapse.

He said that the Probe Magazine in an article gave 10 reasons why Sri Lanka is suitable for investments. The magazine described Sri Lanka as one of the countries which provides good facilities to investors.

It commended the political stability in Sri Lanka, the infrastructure facilities available and human and natural resources available in the country, the Minister said.

The magazine has mentioned that Sri Lanka could be a business hub and the elimination of terrorism has transformed the country as a favourable destination for investment, he said.“It follows a strong land policy where a foreigner can't purchase land outright," he said.

According to Mahinda Chinthana national development policy, the Government has to follow certain principles where our culture and biodiversity is protected and the hopes of the people are fulfilled. Even while following such policies Sri Lanka has received a great amount of investment,” Abeywardena said.When the Biyagama Export Processing Zone was set up there were factories which were suitable and not suitable to the area.

There were no permanent policies as to what type of industries should be allowed and what type should be taken to villages. Today, the Government does everything identifying the needs in the area. Hambantota which remained a remote area has been developed into a favourable destination for investments, the Minister said.