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Sri Lanka today faces a great crisis in its recent history. The country needs above all else, four things in the present situation. First of all peace. Secondly, political stability. Third quick economic development and growth and fourthly, a new political culture industry and trade, and the development of industry and trade in Sri Lanka will play a large part in getting over this great crisis that we face today. Above all we have to increase our production and our exports.

There is no other way,said the Minister of Trade, Industrial Development and Rural Industries Ronnie de Mel at the "Lionel Wendt Theatre" when he opened the Image Sri Lanka- V, distinctive hand workers Trade Exhibition. Deputy Minister Lakshman Kiriella, S.C. Mannapperuma, Secretary to the Ministry and P.D. Yahampath, Chairman E.D.B. also participated. The welcome address was delivered by Mr. P.N.A. Gunawardana, Director, Textiles Services and Training Centre.

The Minister said: "The world situation is also becoming more and more unfavourable to countries such as Sri Lanka. The USA, which is the chief engine of growth in the world, is facing an economic downturn and may go into a recession. The same is true of the European Union and even more so in Japan. Many countries in Asia and South East Asia are also facing similar problems. The recent attacks in New York and Washington and the earlier attack on our own airport, have further complicated these problems. It is, therefore, difficult for us to go against the tide.

"Our balance of payments and our foreign reserves have improved this year and our interest rates have come down, but our Budget and inflation will present serious problems his year. Growth will also come down drastically due to various causes. We have, therefore, to cut down unnecessary expenditure and go through some hardship. The declining consumer demand in the world will present serious problems for our exports such as garments and tea on which we depend.

"I would therefore, appeal to the private sector in this country to re-double their efforts and step up production and exports. This is the only way Sri Lanka can meet the challenges facing the world today.

"We will also have to embark on serious reforms to revive our economy. The free economy, which I started in 1977, has now run out of steam. It is now 24 years since it started and it has lost some of its dynamism. It needs new life. This, the Government will try to give in the days to come with the support and cooperation of the private sector," he said.

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