Eastern revival will boost economy

Sri Lanka's growth rate will increase from seven to nine per cent once the development work undertaken by the Government in the Eastern Province is completed, said Enterprise Development and Investment Promotion Minister Dr. Sarath Amunugama.

He was addressing the gathering at the signing of a joint venture agreement between K. P. S. and Private Ltd of India and Wayamba Milk Processing (Pvt) Ltd for a milk factory project, at Colombo Galadari Hotel on November 15. This project with an investment of Rs. 700 million will generate 105 direct jobs.

Dr. Amunugama said a nine per cent growth rate would mean a growth rate equal to that of India. "Actually our aim should be to achieve a two digit growth rate. The Trincomalee harbour is the largest natural harbour in the East and one of the best in the world.

The Eastern Province which had a vast extent of fertile land for agricultural purposes was also an ideal location for tourism. The Government hopes to utilise this potential to the optimum for Eastern Development" he added.

The BoI coming under this ministry has introduced a host of incentives an concessions for investors desiring to open new ventures in the Eastern Province. More foreign investors have shown willingness to invest in development ventures in the East.

All this was a good omen for an economic and social resurgence in the East, he said. Dr. Amunugama said Wayamba was another province with fertile soil and natural resources. A simultaneous development programme in the Eastern and Wayamba Provinces would help the country to achieve significant economic progress and dispel poverty.

Dr. Amunugama said Wayamba had an efficient Chief Minister who was very keen in the development of local industries, particularly the milk industry for which Wayamba had much potential. Setting up of the local milk industry would help the country in saving foreign exchange draining out for milk food imports.

Dr. Amunugama said Sri Lanka also had a good potential for the development of the sugar industry. Today we import 70 per cent of our sugar requirement.

The development of the sugar cane industry would save billions of rupees spent on sugar imports. Strikes, picketing campaigns and demonstrations would not help a country to achieve economic progress and improve peoples living standards. Everyone should join hands and buckle down to work with dedication to develop our Motherland.

Wayamba Chief Minister Athula Wijesinghe, Livestock Development Minister C. B. Ratnayake, Provincial Minister R. D. Wimalasena, BOI Directors Eshan de Silva and C. Palansuriya and Wayamba Milk Processing (Pvt) Ltd Directors Kartik P. Sivaram and Mohan Jayasekara were also present.