Treasury Secretary meets business community:

Policy safeguards vs. blind open market

Treasury Secretary Dr. P B Jayasundera met the business community representing the entire country at the "SME Sri Lanka Forum" held recently at the Cinnamon Lakeside Hotel. This forum was organized by the National Chamber of Commerce of Sri Lanka with the patronage of the General Treasury.

The forum was attended by the business community including businessmen from the North and East. Many key Government officers including the senior officers from the Treasury, Inland Revenue Department, Sri Lanka Customs, Board of Investment of Sri Lanka and other related institutions were available for the business community to clarify numerous business related issues they face within their day-to-day business activities.

One of the important focuses of the forum was to create awareness among the SME sector about the newly introduced SME development loan scheme which could be obtained through State and private sector commercial banks. Senior officials from eight commercial banks including the two State banks namely Bank of Ceylon and People's Bank entertained entrepreneurs at their respective desks allocated at the forum.

Dr. P B Jayasundera in his speech informed the business community that the government was making every effort to develop the SME sector as a significant contributor to the country's GDP. He said "this is an event that is taking place at the right time, the time that this country is ready for a take off. Our country has achieved 8 percent growth last year for the first time after 40 years. That growth is not by an accident, it is by a deliberate set of actions.

Country has also seen a new policy from 2005. Sri Lanka has been able to blend good policies of the past and also to correct mistakes of the past. Instead of blindly pursuing the openness, relevant safeguards have been brought into our economic policies through the new policy regime that President Rajapaksa introduced through "Mahinda Chinthana." Although there were resistance from our society, international community and financial agencies our policies have given very favourable results now.

Government has been able to make sensible and meaningful decisions, regardless of various practices that other countries are perusing. Government has done tremendous work to develop our economy which include its firm stand on the trade related issues such as GSP+ when the country has to stand on such issues.

In that sense we have a bold policy regime, right infrastructure environment and recognition of the necessary policy decisions to bring the country forward and that is what 8 percent growth all about in 2010.

The forum was attended by well over 650 businessmen who came from all parts of the country including the North and East. Entrepreneurs from Moneragala, Batticaloa, Ampara, Embilipitiya, Galle, Matara and Matale raised their business related issues and were able to get answers to those issues at the forum itself while others were invited by the Treasury to relevant Department for solutions to their issues. Several entrepreneurs called over at the Treasury where Dr. Jayasundera resolved their problems and were satisfied with the solutions provided.

"We are planning to take this forum to all the provinces so that we could continue this matchmaking session between the policymakers and the SME sector for positive results," said National Chamber of Commerce of Sri Lanka President Asoka Hettigoda.