President launches 300 factories programme

by Anjana Samarasinghe

The 300 factories programme spelled out in the Mahinda Chintana was launched yesterday with a total of 104 investors being registered to establish new ventures worth Rs.18116 million and providing 26320 job opportunities in rural areas.

Speaking at the launching ceremony at BMICH yesterday President Mahinda Rajapakse said that the main objective of this programme was to establish 300 enterprises at divisional secretariat level outside the relatively developed districts of Colombo and Gampaha.

He announced that income derived from investments made under this scheme will not be liable for income tax. "We also take this opportunity to appeal to the State and private banks to provide credit at concessionary rates for this priority project of the government," he said.

The President said that the government was obliged to provide infrastructure for these programmes especially in the relatively undeveloped parts of the country. "This too will be effected with speed and efficiency," he said.

Private sector too has to play an important role in the economic development. "Apart from the attraction of the business opportunity provided by this scheme, its social responsibility will also impel the corporate sector to join this program of taking development to the less developed areas of the country," he said.

Minister of Enterprise Development and Investment Promotion, Rohitha Bogollagama said Government has been able to implement this project after two months, since the President came to power. "Within one month we attracted 104 investors to join the project," he said. He said he would convince more investors to join this program.

Chairman, Director General of Board of Investment BOI Lakshman R. Watawala said although their initial target was to attract 50 companies at the launch of the programme they were able to attract 104 companies as there was a positive response from the business community.

Chairman of the MAS Holdings Mahash Amalean said that this was a positive step that government has taken. "Investors can now take the 'work' to the 'workers' without employing migrant workers.

Government, private sector and all the stakeholders should be totally committed to make this program a success," he said.