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| Sunday, 1 December 2002 |
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Industrialists welcome Countervailing Duty Local industrialists have hailed the Government decision to introduce the Countervailing Duty for the first time in Sri Lanka. "The last budget can be considered as a landmark budget in several ways. As industrialists, we are happy with one bold step taken by the Government, to introduce a Countervailing Duty for the first time in Sri Lanka; that is to introduce a minimum duty for footwear and bicycle imports," said Chairman Ceylon National Chamber of Industries Ranjith Hettiarachchy. Under this scheme, every pair of imported shoes will be charged Rs 100 as well as a 10 per cent cess to develop the export industry while Rs 500 will be charged for each imported bicycle, he added. These items are basic requirements for anyone, and if industrialists are not in a position to produce such a basic requirement, then we have to forget the local industry. He said that industrialists are fully aware of the danger of exposing local industrialists to international competition. This does not mean sacrificing consumer benefits and safeguarding industrialists for ever. "But as a nation, if we are to march forward, sacrifices of various degrees are required in a nation-building exercise and can be for a limited period. Therefore, industrialists have to get the maximum benefits from this open facility offered by the Government with responsibility and cater to the satisfaction of consumers by producing quality goods. "Neighbouring India had a very popular slogan 'Be Indian Buy Indian'. In our history, we have never acted in such a responsible manner to build our nation. The Indians managed to achieve the current level of success due to their futuristic thinking and patriotism. It is time for Lankans also to make sacrifices and for our industrialists to prove their capabilities by improving designing and uplifting productivity to meet increasing consumer demand." Hettiarachchy further said that Sri Lanka needs capable industrialists who will generate employment as it is a solution to most critical problems, specially youth unrest. Up to now, most industrialists have proved that the decision of the government to make the private sector the engine of growth, is wise. Industrialists have proved without any doubt, that they are more responsible than traders towards the society as they generate employment, uplift retail trade operations, help satellite industries, improve the life style of workers by providing social benefits and operating in a very environmental-friendly manner. "The minimum duty system is the magic formula used by many developing nations in the region, but our leaders did not have the vision and courage to introduce it. In the beginning, it may be called 'a screwdrive' industry, but we have to graduate fast from this state and become real industrialists. Therefore, we cannot afford a long 'breathing time' for industrialists to get their act together to deliver the goods. "Countries like India moved up by utilising local sources for certain requirements specially in the government sector. It was a sacrifice to uplift the industry. If we can follow such measures, it will be the beginning of our industrial revolution. If the Government feels that our industry can be brought to a level of international acceptance in the near future, this minimum duty will be the best available answer." Hettiarachchy urged industrialists to act today to build the industry. "This is the sacrifice we have to make if we are to build our nation. The answer is not price reduction or cheap imports, but the methods of increasing the income level. This is what countries like Malaysia and Singapore have done. When Malaysia wanted to fix the exchange rate for the US dollar to Ringgit 3.80, it did not seek World Bank advice. Now the country is out of the economic disaster. "This is the direction we must take. If the Government makes decisions with the intention of building the nation, the support of the people will be with them," he said. (SG) |
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