NCCSL welcomes govt's economic policy

The National Chamber of Commerce of Sri Lanka (NCCSL) welcomes the economic policy outlined by Prime Minister Ranil Wickremesinghe in Parliament on November 5.

The National Chamber appreciates the measures taken by the government on sustainable economic policies which would be beneficial for the country. Even with the unfavourable global economic conditions the government's determination in strengthening local economic growth and stability is much appreciated, a media release from the Chamber said.

Promoting innovation and productive growth, generating one million job opportunities in the private sector, enhancing income levels, developing the rural economy, ensuring land ownership to the rural and estate sectors, the middle class and government employees, creating a wide and a strong middle class, and the background needed to enter the global value system are much appreciated.

Encouraging small and medium and large scale farmers and entrepreneurs to participate in the global economy, encouraging competitive international organizations to invest in Sri Lanka, bring about the digitization of the economy and encouraging local investments are also commendable.

Policy directions on empowering citizens through the construction of housing schemes for the middle class in urban and semi-urban areas by offering tax concessions to investors who come forward to fund these ventures, the focus on State-Owned Enterprises and measures to review them would be much favourable for the economy.

Ensuring transparency on all State purchases, working towards rural economic development by setting up large-scale agricultural enterprises where farmers can be members and setting up of an agro marketing authority which will lead to the growth of agri exports is also commendable. Use of new technology to maximize fishing abilities will add much to the economy .

The National Chamber welcomes quick measures to solve problems faced by the tea, rubber and paddy sectors.

The Chamber hails measures taken on tourism development, skills development, FDI attraction, women empowerment, the low tax regime, reducing budget deficit to 3.5%, and the removal of the super gains tax. Many of the proposals are in line with the National Chamber macro policy framework published recently, the statement said.