Pre-budget meetings with the President
View(s):Sri Lanka’s business community is pinning their hopes on some relief in the government’s 2015 budget with the manufacturing industry being badly hit by cheap imports flooding the local market.
Private sector entrepreneurs and leading industrialists have urged the Government to extend concessions for local manufacturers and restrict imports by way of proper taxation rather than implementing a see-saw policy ranging from labour, taxation and interest rates.
This matter came up for discussion at the pre budgetary meeting held this week between the business community and senior Treasury officials under the patronage of President Mahinda Rajapaksa, official sources revealed.
Pre-budgetary meetings to seek suggestions and proposals of various sectors of the island for the 2015 budget have begun a few weeks ahead of the normal scheduled date, a senior Treasury official said adding that industrialists have been directed to produce goods for the export market combining strengths with foreign partners while protecting the Sri Lankan identity.
The President told industrialists that the export potential has increased as the country has strengthened its bilateral relations with new emerging economies. Therefore new opportunities for local entrepreneurs at the international market have been opened due to Sri Lanka’s positive diplomatic relations built up with many countries, he said at the meeting.
Several manufacturers explained their present crisis urging the Treasury to take immediate action to remedy the situation.
The situation of the footwear and leather products industry has worsened with one of the manufacturers committing suicide as he found it difficult even to pay salaries of his workers, a spokesperson for the Footwear and Leather Products Manufacturers Association told the Business Times.
This unfortunate incident was also brought to the notice of the President at the meeting, he said.