President Ranil Wickramasinghe mentioned this while opening the International Industry Expo 2024 exhibition which will be held for the first time in Sri Lanka today (19) in the morning.
- A new institution named Enterprise Sri Lanka” to strengthen small and medium enterprises.
- It is not possible to develop the country by going to the court and we must proceed through a national policy - the President says while opening the "International Industry Expo 2024" industry exhibition.
Mr. Ranil Wickramasinghe said that a new development bank is expected to be established to provide financial support to the industrialists in Sri Lanka, which will provide an opportunity for the industrialists to get loans at low interest rates.
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The President also said that an Economic Commission will be created to carry forward those activities and a new institution named "Enterprise Sri Lanka" will be established to strengthen small and medium scale entrepreneurs.
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The exhibition, organized by the Industry Development Board under the direction of the Ministry of Industry on the advice of the Minister of Industry and Health, Dr. Ramesh Pathirana, will be held from today to June 23 at the Bandaranaike Memorial International Conference Hall.
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International industrial entrepreneurs representing various countries as well as local large-scale and medium-scale industrialists are participating in this. It consists of 1307 booths and it is special that a separate premises as a green industrial zone has been added to the exhibition for the first time. An experimental academic conference on green industrialization will also be held during this exhibition.
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The President, who cut the ribbon and opened the "International Industry Expo 2024" exhibition, also visited the exhibition.
The introduction of the Ceylon Plaza computer application was also done simultaneously.
President Ranil Wickramasinghe, while addressing the ceremony held, further mentioned that some people have become accustomed to going to court in every activity that is implemented for the development of the country. The President emphasized that the country cannot be developed by doing so, and that the country should be moved forward through a national policy.
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The full speech delivered by President Ranil Wickramasinghe is as follows:
Minister Ramesh Pathirana is working with special attention on the development of the industrial sector in this country. This industry exhibition can be introduced as one of its steps. This is the biggest exhibition in the country.
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In the past, our country had become a bankrupt country. But in the next few weeks, we will be completely freed from the label of a bankrupt country. The related agreement is also scheduled to be reached in the next few weeks. With this, it becomes easier to negotiate with private creditors. So we have done this work in two years.
But we cannot be satisfied with this. We need to focus on how to repay this debt. We have to repay the loans we have taken for a long time. Hope to get time till 2042 for that.
And because we are an import economy, we have to pay for imports. We don't have foreign exchange for that. So they have to take loans again. If this system is implemented, in another 15-20 years we will have to face an economic crisis again. Therefore, we are working to transform into an export economy.
In the transformation towards an export economy, the production economy has a major place. The economy created there should be a competitive as well as a digital economy. Also, we have to transform into a green economy in moving towards the goal of zero carbon emissions. We must work within this framework.
As the first task, we should bring forward the existing industries according to those plans. No one can create competitiveness overnight. India, our neighboring country, is currently undergoing great industrial development. Tamil Nadu, Telangana and Andhra regions have seen the same development. We should also be connected with it. And we hope to work with other countries in the world in this regard. Therefore, the first thing to be done is to bring the industries to a competitive state. The government has taken steps to provide all the support it needs.
We are discussing to establish a development bank to provide the necessary funds for this purpose. In 1960 we had DFCC Bank. And in 1980, NDB Bank was established. After privatization, both these banks have become major commercial banks in our country. Especially if these banks did not exist then, President Premadasa's 200 Garment Factories program would not have been successful. Therefore, we expect to start a new bank.
There the interest rate should be kept low. Also, an economic commission will be created to carry forward these activities. We hope to establish a new organization called Enterprise Sri Lanka for other medium and small scale businessmen. This institution system is created to support all industrialists in this country. In the next 5-10 years, we should move forward on this path.
Also, if we want to go to countries like Bangladesh and Myanmar and carry out production there, we have the possibility to get the opportunity in the future. This is our policy. While carrying out these activities, we are also working with India. I discussed it with Prime Minister Narendra Modi. Also, I hope to discuss it with the Indian Foreign Minister tomorrow. It is expected to cooperate with India on the use of solar power and wind power in the country and obtaining green hydrogen. We hope to gain that advantage in the North Sea. Adani came to Sri Lanka as its first step. We must walk this new path.
But some people in our country have a custom of going to court in every matter. Only lawyers will benefit from it. The country cannot be developed just by going to court. We have to move forward according to our national policy. I have advised the Minister of Industries to discuss and prepare a new program for the advancement of these industries. We hope to submit the Economic Transformation Law to the Parliament to strengthen those activities.
Minister of Health and Industries Dr. Ramesh Pathirana,
The year 2022 was a very difficult year for Sri Lanka economically. But I highly appreciate that all the industrialists in this country are working to uplift the industry despite various obstacles. They deserve the nation's praise for that. The current President Mr. Ranil Wickramasinghe, when he was the Minister of Industry, played a large part in improving the industrial sector in this country. He worked with great commitment to promote the industrial sector in Sri Lanka by establishing garment factories and establishing free trade agreements.
Currently, the majority of Sri Lanka's exports are limited to garment exports and products related to the plantation industry. But as a country, we have great potential in food technology, pharmaceutical production, packaging, car assembly and many other sectors in this exhibition. As a nation, we must work to advance this strength that we have and it must be said that the President is paying special attention to it.
Ministers of State Prasanna Ranaweera, Chamara Sampath Dasanayake, Members of Parliament Vajira Abeywardena, Sampath Athukorala, Secretary of the Ministry of Industry Shantha Weerasinghe, Secretary of the Ministry of Health Palitha Gunaratne Mahipala, Chairman of the Industrial Development Board Dr. Saranga Alahapperuma, Director General of the Industrial Development Board H. M. S. Mr. Samarakoon, Western Province Governor Marshal of the Sri Lanka Air Force Roshan Gunathilaka and a group of foreign ambassadors, board chairpersons and officials of sponsoring companies attended the event.
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