President Ranil Wickremesinghe emphasized the need for an institutional system that can revive the country's economy and bring investment opportunities to the country and said that steps will be taken to create an economic corporation by merging the Investment Promotion Division of the Sri Lanka Board of Investment and the Export Development Board.

The president addressing the the Toyota Lanka Fulfilment Centre in Mahara, Kadawatha yesterday said that He is happy to join the opening of Toyota Lanka's new spare parts supply centre.

“When the open economy was created in 1977, we requested Mr J. R. Jayawardena and turned this Biyagama area into an economic zone. Not only Biyagama but Kadawatha area also belonged to it” he said

 Full text of the speech

“When traveling towards Kandy, the southern side completely belonged to the Biyagama Constituency. On the left side, one part belongs to Biyagama, another part belongs to Mahara. We have decided to implement this development program up to the Kiribathgoda area.”

“ We created trade zones then and other industries were also brought in. The power plant was built. With this development, today Kadawata has become a major city. We were able to implement this program because of the Greater Colombo Economic Commission that was appointed by Mr. J. R. Jayawardena.”

 We used these investments to develop the economy of this area. Our country got foreign exchange through Katunayake and Biyagama trade zones. Thereafter, President Premadasa started the Koggala Investment Zone. Under that, steps were taken to build 200 garment factories.

When we were implementing a program that would attract foreign exchange into the country, Vietnam, which had fallen from the war at that time, came and asked us how this work was done. We gave them advice. They went and started the work in their country.

 Today Vietnam has received 25 billion dollars in foreign investment. Sri Lanka, which provided guidance to them, has received only one billion dollars this year. We received the highest foreign exchange in 2018. That was $1.6 billion.

 In 2018, the income of Vietnam, which received guidance from us on tourism, was 26 billion dollars. We only got $4.6 billion. If we developed like Vietnam, we would all be enjoying a better quality of life today.

After the war, Vietnam realized that in order to attract investment to the country, they had to change their communist economic system. They made the difference. Most of the investments came from Japan. Then they received investments from Korea, America and China.

 Our war ended in 2009. However, we did not change the country's economy after the war. Instead, we developed infrastructure. Today we have become a bankrupt country. We have to get out of it. I will take the necessary steps for that. It is not enough to just escape the debt trap. We also need to create a creditworthy economy.

Comparing Vietnam's economy and our economy today, Vietnam's economy is like a Formula One racing car. Our economy is still like a three-wheeler. So how do we go about racing in Singapore? Other countries have Formula One racing cars. Can we go and compete in a threewheeler? This is good for people to travel around on a daily basis.

 I have no problem with that. But it doesn't suit the race. We have to see how we can win. If so, we also need to find a racing car. It should have a good engine. That means a good economy. That engine is what we are going to build now.

We are building that engine by turning this country into an open economy. This racing car is made to compete with the world by creating a competitive export economy. I believe that all of you have the ability to win that race. Let's all work together.

First and foremost, we should create a digital economy in the country, an eco-friendly economy, and a socially just economy, as well as a very competitive export economy. Otherwise, these programs that have been initiated will not be useful. There is no point in going for a bicycle instead of the three-wheeler.

This restructuring is done for that purpose. People who are used to the old ways may be against this. Nevertheless, we have to go in a new direction. Do you prefer to go in a racing car or bicycle? tell me, because the future belongs to all of you.

Most people here are under 30 years old. There are people around 25 years old. How old will you be in 25 years? Some people will not even be 50 years old. Shouldn't these people have a developed country to live by then? That is what this machine is made for. Small wheels are not enough for this vehicle. Big wheels are required.

 The Board of Investment was not able to carry out this work because the economic changes had not been made so far. In addition, our Export Development Board was not successful. While changing the economy, they failed to create some institutions that could do this work.

By merging the Investment Promotion Division of the Board of Investment and the Export Development Board into an economic corporation, it can revive the country's economy and bring investments to the country.

We have a knack for controlling our trade zones. These new investors need infrastructure. A separate corporation should be created to separate those investment zones to provide that infrastructure. If we want to expand economic zones, 300 acres is not enough. About 1000 acres are needed for that purpose.

The third point is that there are three or four institutions for the development of the tourism industry. However, our country cannot be satisfied with the number of tourist arrivals. In 2018, the committee I appointed suggested that one institution should be established for this purpose. We should create that institution right now.

Finally, the Port City Commission needs some legislative amendments. There is an economic commission that goes accordingly. That should be the guide. Accordingly, there is the Port City Commission on one side, and on the other side, the Corporation will be established to provide infrastructure and support to investors coming into our country. Therefore, the engine has been built.

Now all that is left is to build four wheels. Mr. Ajith Gunawardena is helping us in the journey of making these four wheels. This is where we plan to start next year and move forward. It is not enough to escape from the debt trap, we also need to create a new economy, and create new institutions. For that, we need new attitudes.

We cannot do that. Only you can do it. If there are no results, there is no point in stagnating in the same old place. Therefore, we must move forward with new attitudes. This is a big challenge. However, by the time of our 75th independence celebrations, we will accept that challenge and start the journey of moving forward.

” A group of staff members of Toyota Lanka Senior Advisor to the President on National Security and Chief of Staff to the President Sagala Ratnayake, Japanese Ambassador to Sri Lanka Mizukoshi Hideaki, Chairman of Toyota Lanka Company Sachio Yotsukura and a group of staff members of Toyota Lanka Company attended the event.