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| Sunday, 31 August 2003 |
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'Govt. committed to consistent trade, tariff policy The Government is committed to a consistent trade and tariff policy. This will enable investors to make long-term investment decisions without worrying about policy matters and will attract new investors to the country, said Deputy Chairman Tariff Advisory Council and Secretary Ministry of Enterprise Development, Industrial Policy and Investment Promotion Ranjit Fernando. He was addressing a seminar on Tariff and Trade Policy Framework. Earlier industrialists made investments on the basis that tariff and trade policies will be consistent for at least 10 to 15 years. However, sudden policy changes landed them in trouble as they could not change investment decisions overnight. This resulted in investors shying away from our country, he said. Fernando also highlighted the measures taken by the Ministry to boost the private sector, the engine of growth. Secretary to the Treasury Charitha Ratwatte said the Government is committed to expedite the economic reform process. "Economic indicators show that the Government is on the right track. The path we have to take is difficult, but has to be taken for the sake of the country's future. The Government cannot do this alone; the private sector and the public have to join the effort," he added. The Government intends to have a low standardised tariff structure in the future together with the e-Sri Lanka initiative. Director Trade and Investment Division UNESCAP Dr Ravi Ratnayake said UNESCAP's main role is helping developing countries to build institutional and human resource capacities. He said open trade regimes are the order of the day as economies are being integrated. He was of the view that trade liberalisation policies should be complimentary. Governor Central Bank A.S. Jayawardena said tariff policies were originally introduced to increase government revenue and protect local industries. In some instances, it was reduced to promote exports. |
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