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False rumours spread by certain groups on Trincomalee's security being at risk was well responded by Indian Foreign Minister, Yashwant Sinha who said that in regard to Trincomalee's power sector there is no danger or threat to Indian property, said Prof. G. L. Peiris, Minister of Enterprise Development, Industrial Policy and Investment Promotion, Minister of Constitutional Affairs.

Speaking at the inaugural ceremony and soft opening of a fully equipped Incubator Center having developed the Technology Research and Development Center in Pannala under the Industrial Development Board of Ceylon on Friday he said the small and medium scale industrial sector as identified by the government, is the lifeblood of the economy on which the country's property is based.

The government has decided to take certain measures towards the welfare of the small and medium scale entrepreneur. Last week's discussions of the Cabinet Sub Committee on Economic Policy were based on the interest ratio. "We believe that banks with high interest ratios make high profits which are to a certain extent unjustful. The Central Bank for the fourth time has reduced the interest rates. What the bank expects is that when interest is charged on loans granted as capital, the interest ratio would gradually reduce," the Minister said.

"But it doss not happen so. The bank makes tremendous profit and those under pressure are the small and medium scale entrepreneurs. We have decided to make certain effective decisions on this issue. If by chance the discussions that are to follow between the Minister of Finance and bank representatives do not seem fruitful the government has decided to make some concrete decisions on this matter," Prof. Peiris said.

The availability of capital does not mean that industrial activity would go on smooth. Technology and the know-how are necessary. With the changing society, methods, ways and means and attitudes should definitely change. To carry out all this successfully, there should be a sound and peaceful environment in the country, he said.

On his recent visit to Sri Lanka, Indian Foreign Minister Yashwant Sinha made an important statement. He said that there is no danger or threat to India's property in the Trincomalee district and that there is no issue on Trincomalee's security. There are various tactics used by certain elements to instill fear in the people's minds on Trincomalee's security. On behalf of the Indian government, Yashwant Sinha has very appropriately addressed this issue, the Minister said.

He also stated that there is no issue or question arising on a five to six months temporary holdup of peace talks.

"There are definitely ups and downs in a peace process. But the progress achieved upto now is remarkable and it is fully in keeping with Indian policies to resolve this matter through a Federal system," he said. The Minister said the Prime Minister's foreign policy has been severely criticised at certain instances.

The best indicator of a successful or unsuccessful foreign policy is based on whether or not financial, economic benefits, avenues of uplifting ones standards living, etc., are received through that particular foreign policy. If one stops for a moment to ponder on Yashwant Sinha's visit and his statements, Prime Minister Ranil Wickremesinghe's foreign policy is very much of relevance and there are considerable financial allocations and benefits flowing in, which is a fine example by which India is quiet impressed. Without India's assistance this issue cannot be resolved, Prof. Peiris said.

With the next budget, there will be a salary increase to public sector employees.

Employment will be provided in the banking, public and private sector to unemployed youth. Steps have also been taken to have local and overseas market access for products of small and medium scale entrepreneurs. All this has been made possible because of government's efficient and systematic administration of finances and peace, the Minister said.

Dr. Bandula Perera, Chairman of IDB, Dr. S. B. Pathirana, Dean of the Faculty of Engineering, University of Peradeniya and Upali Dassanayake, UNF Organiser in Katugampola electorate addressed the gathering. PA Navaratne, Chairman of Pannala Regional Council, W. M. Shantha Kumara, Regional Secretary, Pannala and E. M. S. S. K. Gunaratne, Resident Director, Pannala Industrial Zone also participated.

Prof. Peiris later inspected J. G. B. Colombo manufacturing steel products in the Makandura Industrial Estate. Dayasiri Jayasekera, Private Secretary to the Minister, R. V. D. Piyatilleke, Director, Investment Promotion, Ministry of Enterprise Development, Industrial Policy and Investment Promotion, Asitha Senevirathne, Regional Director of the Ministry and S. H. Harischandra, Director Industrial, Wayamba region were also present.

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