Govt. to repeal Export and Import Control Act: PM

27 October 2016 04:53 pm - 5     - {{hitsCtrl.values.hits}}

A A A

Prime Minister Ranil Wickremesinghe, in his pre-budget statement on the status of economy and outlining plans for the next year, said today a new set of investment incentives based on Capital Allowances and low tax regime would be introduced.

In a lengthy statement to the House in conformity with a tradition initiated by him last year, the Prime Minister said the government planned to repeal the Export and Import Control Act and bring in new legislation on the lines of Singapore’s (a) Regulation of Imports and Exports Act and (b) Strategic Goods Control Act.

“The current domestic market enterprises also have a greater role to strengthen the economy – in addition to expected Direct Investments of local and foreign origin. They too can add to export volume. The Government will assist them to connect with the Global Value Chain by introducing a Trade Adjustment Package which will include Capital Allowance for new equipment,” he said.

“We can double our personal income levels by 2025 if we set in motion a growth rate of 7% per annum. This rate was achieved in the aftermath of the war in 2009 but the momentum brought on as a dividend of peace did not last,”

He said the garment industry would see a revival when GSP+ returned.

“Agricultural exports have declined as a result of prices for tea and rubber slowing down. It must be noted that in the plantations sector, some of the companies are being run well while others not so. The Government plans to restructure the regional plantations companies by infusing new capital and introducing efficient enterprises,” he said.

Referring to the debt burden, he said the government had decided to swap debt for equity, and the Hambantota port and Mattala airport be run as PPP ventures. He outlined the creating of a Megapolis Development Authority to develop the terrain of the Western Megapolis and urban area of over 8 ½ million people.

“The second North-Eastern development corridor will connect the Eastern Province and the North Central Province to Jaffna linking the Trincomalee Port to the Rajarata. The completion of the Moragahakanda and the Malwatu Oya reservoirs will create new vistas for the country and will result in the region gaining more land for agriculture. It will further result in the historic cities of Polonnaruwa and Anuradhapura emerging as modern urban centres. Trincomalee will be urbanized and transformed into a world-class Port City,” he said.(Yohan Perera)

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 5

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 
  • lkboy Friday, 28 October 2016 02:56 PM

    Good concepts. but our economic development rate has gone down.

    1111 Friday, 28 October 2016 10:11 AM

    give more to Prepatual Treasury

    Nish Thursday, 27 October 2016 06:59 PM

    Absolutely but the growth rate now is 2.5%. Afghanistan will be more developed than us with this rate.

    Ali Walige Friday, 28 October 2016 12:04 AM

    I had a dream last night. "Elowa gihin Melowa awa" !

    MR Friday, 28 October 2016 03:39 AM

    What about the billions of bond scam money?


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Employees’ health and safety our top-most priority - Brandix

When inquired, Brandix Apparel Limited said that health and safety of employe

“Workers who fainted had water sprinkled on their faces and had to work again”

Health authorities believe the first reported Covid-19 infected worker from t

“Social media ruined us” - husband of Minuwangoda Brandix factory worker

The Minuwangoda Brandix factory worker who first tested positive for Covid-19

Last rites far from home

The body of the Sri Lankan migrant worker Bandu who died of coronavirus in Du

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.