‘Increase of exports a must’

Chaminda Perera

Deputy Minister of Finance and Minister of International Monetary Cooperation, Dr. Sarath Amunugama, stressed the importance of adopting new strategies to increase exports, as the country has a very dismal record of exports.

The minister said that the export oriented sectors including apparel, tea, gem and jewellery, should play a vigorous role in promoting exports.

“We have to join the manufacturing and supply chain as Chennai was transforming into a motor centre in the region,” he said.

Speaking at the Meet, the minister session organized by the Organization of Professional Association, Dr. Amunugama added that the

country needed desperately to improve exports and curtail imports. He said that the country was no longer in a position to spend money on consumables such as motor vehicles, for which a large sum of money was outflowing.

The minister said that the tax revision would be of no help to the economy, if the revenue derived from such tax revision was used to provide subsidies. Dr. Amunugama opined that the country should have Foreign Direct Investment to maintain a consistent growth level at a level of 8 per cent. “We do not have a degree of savings for the rate of growth envisaged by us,” he said.

“The country has to push exports, as it was heading for a balance of payment crisis,” he said. The minister also said that the country had only US$ 800 per capita income ten years back, while country today enjoys a per capita income of US$ 2200.

“The people should realize the immense potential in us and we have to sustain a continuous economic growth of above 7 per cent to achieve a target of US$ 4000 per capita income by 2016.