Archives

Business chambers commend budget

by the Daily News Business Desk

The leading chambers of commerce and industries in Sri Lanka yesterday hailed Budget 2003 as a development oriented budget with medium and long-term measures to rebuild the country's ailing economy. They described the budget proposals as an attempt to find long lasting solutions to key economic problems of the country and said that the need of the hour is not a set of fruitless short-term measures to win the hearts of the public.

The President of the Federation of Chambers of Commerce and Industries in Sri Lanka (FCCISL) yesterday told the media that the Finance Minister K.N Choksy had approached the subject in a more businesslike manner and had done a good job of it.

"There are several progressive measures in this budget to service the national debt and to revive the country's economy. One of the salient features is the measure taken to generate employment by focusing on private sector expansion," Hashim said.

However, he said the Government should make sure that these proposals are implemented unlike the budget proposals of previous Governments.

The immediate past President of the Federation Lal de Mel said the most important proposal in Budget 2003 was with regard to housing finance for the lower income groups.

"Establishing a Garments Forum to face the challenges of the quota free era and setting up of a Road Fund are among other important proposals," de Mel said. The Senior Vice President of the FCCISL Nihal Abeysekara said the proposal to establish an Agro-Enterprise Development Fund would augur well for the agriculture sector.

"The Government has decided to make available to the Fund Rs. 3000 million to help farmers to obtain specified agricultural equipment. It would be a great boost for the farming community," Abeysekara said. Chairman of the National Chamber of Commerce of Sri Lanka, Chandra Ambuldeniya said that measures taken to enhance human resources development should pave the way to reduce unemployment and the proposed Corporate Restructuring Fund would enhance greater investments in infrastructure and restructuring companies in distress.

"The Government has taken one step forward from where it stopped at the last budget," Ambuldeniya said.

The Ceylon Chamber of Commerce endorsed the budget 2003 announced at a time the country is emerging from a conflict. A Chamber release said: The Chamber also recognises the steady and consistent progress achieved during the last 10 months in many areas such as growth, interest rates, inflation and the stock market. These factors together with an increased level of stability have led to an improvement in overall business confidence.

"The budget is also consistent with the government's policy and incentive framework to facilitate growth through public-private sector partnership. It focuses on an improved framework of governance and accountability. Tax holidays provided in the context of the current difficult environment to encourage new investments are welcome. This would help to generate long term economic and social growth. Given the large public debt burden faced by the nation, initiatives taken to manage it in a professional manner is laudable."

Addressing a press conference organised by the Ceylon National Chamber of Industries, Chairman of the Commercial Bank Mahendra Amerasuriya said that the country should have an overall plan which should be updated and the budget should be an essential component in it.

News | Business | Features | Editorial | Security
Politics | World | Letters | Sports | Obituaries |

Produced by Lake House
Copyright 2001 The Associated Newspapers of Ceylon Ltd.
Comments and suggestions to :Web Manager