Investor interest has tripled - Minister

Minister Basil Rajapaksa

Foreign investors are inquiring about new investment opportunities. The investors want to bring more investments to the country, Economic Development Minister Basil Rajapaksa said.

“We do not encourage investments in an ad-hoc manner. An European investor wanted to set up a factory which could fulfill the entire Sri Lankan population’s yoghurt and milk powder requirements. We did not allow it.

We already have large, medium and small scale producers of yoghurts. If such a factory is established, around 6,000 local entrepreneurs would be affected. That industry will collapse. This shows our commitment to protect the local industrialists,” he said.

Minister Rajapaksa was speaking after opening the second factory of DG Fashions in Matara on Saturday.

President Mahinda Rajapaksa and the Government can defeat any local or foreign force that aims to halt the forward march of the country, he said.

”We are embarking on a program which truly nurtures the national economy,” Minister Rajapaksa added.

”Many speculated about an imminent collapse of the garment industry. But not a single garment factory was closed after I became the Economic Development Minister.

On the contrary, new factories are opened,” he said. The Opposition charged that the garment industry would collapse and thousands of jobs would be lost with the withdrawal of GSP Plus by the European Union. But that did not happen, Rajapaksa said.

”Most industrialists and investors are keen to export their products, but they also expect various tax concessions. However, DG Fashions Chief did not think about these two factors. His aim is to provide quality products to local consumers, he said.

Globalisation has failed. Even the champions of globalization have realized it.

Even Europe and US have gone back to a local centred economy. They have begun manufacturing their requirements in their own countries, the Minister said.

President Mahinda Rajapaksa implemented this policy in 2005. He evolved an indigenous economic policy and extended assistance to the local industrialists. This was the basis of the Mahinda Chintana, the Minister said.

”We ended a three-decade old war and established peace in the country. Earlier, foreign investors asked us about human rights violations and resettlement of IDPs. They asked us about strengthening democracy. Today, foreign investors are inquiring about new investment opportunities. They want to bring in more investments, this shows that our path is correct,” he said.

”There was a news item in a Sunday Paper that the Government would have to face challenges and questions from several international forces this year. We are no strangers to these challenges.

Today, we are a peaceful nation free of terror. There is freedom and peace. We have the fundamental requirements for development.

There are signs that we will become a developed nation rapidly,” Rajapaksa said.

”Certain countries and organizations are jealous of our achievements and victories. They try to exert pressure on us. They seek to impose conditions. The President is always striving to save the country and the people from these international conspiracies,” he said.

The President never takes any decision that would affect the well-being of the masses. He always thinks about the country and the people.

An Opposition MP questioned in Parliament about the investment which was turned down. We urge the media to act with responsibility and patience in these instances. They and the people should realize the true situation, the Minister said.

”We can defeat the conspiracies hatched by certain forces that are envious of our progress. The massive mandate we obtained at the Eastern Province elections helped us to ward off allegations leveled by the West. We have gauged the people’s mandate on several occasions. The people have endorsed the President’s programs.

Thus Western countries are not able to exert any pressure on us,” he said.

”The people can thwart all these attempts. There is no doubt that the people will give us another massive mandate at the forthcoming local government elections. That will enable us to totally defeat these conspiratorial forces,” Rajapaksa said.

”The Government provides free school uniform for children. They were earlier imported. But the President instructed us to explore the possibility of manufacturing these uniform material here. We implemented a plan to produce the material in Sri Lanka. We are also self-sufficient in some crops that were earlier imported. For example, we used to import almost 85 per cent of the maize requirement.

Now only around 6,000 MT is imported. The economy is seeing progress in all sectors. Foreign reserves have gone up and the rupee has appreciated. We are on a very strong footing today,” the Minister said.