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"BoI should change its thinking and activity with the times" - Prof. G. L. Peiris

The Board of Investment of Sri Lanka should change its philosophy, attitude and activity from time to time to suit the changing environment and the benefits derived out of these changes should be passed on to those establishments that come under the BoI and to the areas concerned. On the direction and planning of Prime Minister Ranil Wickremesinghe, the necessary changes will take place in the near future, said Prof. G. L. Peiris, Minister of Enterprise Development, Industrial Policy & Investment Promotion, Minister of Constitutional Affairs who laid the foundation stone for the City Centre and Bus Terminal of the Nivasipura Housing Project at Ekala, Ja-Ela.

Being a Project under the Board of Investment of Sri Lanka (BoI), the total investment made by Nivasi Developers (Pvt) Ltd is around Rs. 2 Billion with 1800 houses under construction. Around 300 houses are already sold. The total acreage is 144. In keeping with the Government's 100-day programme the city centre and bus terminal which was to be completed in 2003 is to be built much earlier. When selecting an area for a Project, an Industrial complex or an Investment Zone, the BoI should be mindful of the social, economic, cultural and other factors as well. The Minister also remembered the opening of a reception hall and a well equipped playground in the Katunayake area at which point he had instructed the BoI to allow its use to schools and other institutions whenever possible, at a nominal rate, as most service oriented institutions such as schools and hospitals do not have these facilities. Considering certain incidents that took place in the past regime, it was obvious that lack of such basic requirements always lead to youth frustration.

Minister Peiris said that the Government believes it would not be practical to be involved only in commercial activities. Such activities should be led by the private sector, which has far better and relevant expertise in this field. The private sector should be allowed to run independently, with the Government on its part, providing the necessary services and facilities. Prime Minister Ranil Wickremesinghe is very clear on this matter and on the role of the private sector.

Expressing his views on the present peace process, the Minister stated that the Government has been able to bring peace to the country by a cessation of hostilities. The BoI, as stated here, did not receive the requested funds from the Government due to the present economic situation in the country. More than 6% of the GNP is spent on this merciless war, as direct expense. However, compared with the other expenses the amount expended on the war is high. No country can achieve economic stability without peace. Therefore, we have to make use of this opportunity that is available to us right now. Many countries in the world inclusive of Japan have expressed their willingness to support in the peace process and give us necessary aid. With regard to the apparel industry we are negotiating with Brussels and Washington for tariff concession and have already received a favourable response.

The main requirement today is proper infrastructure facilities in the metropolitan area especially housing facilities for those who flood the capital for employment. In this regard, supplying housing facilities at reasonable rates is a rather admirable and a timely move by the Nivasi Developers (Pvt.) Ltd, said and Minister.

Mr. Arjuna Mahendran, Chairman/Director General of the BoI said that although he had expected Rs. 900 Mn from the Government for the first three months, due to the present situation in the country he received only Rs. 45 Mn. Due to lack of housing facilities most female workers in the apparel sector resign after marriage. This type of a housing project therefore, is a very appropriate solution to this problem, said Mr. Mahendran.

Mr. Sarath Weerasuriya, Chairman of Nivasi Developers (Pvt) Ltd and Mrs Jayalath Jayawardena were present. 

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