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Sri Lanka mulls relaxing domestic market curbs on BOI firms

Aug 21, 2017 17:07 PM GMT+0530 | 1 Comment(s)

ECONOMYNEXT – Sri Lanka’s government is considering relaxing restrictions on domestic sales of mainly export-oriented companies under its Board of Investment, which gives incentives like tax breaks.

State Minister of International Trade Sujeewa Senasinghe said the government is committed to liberalising the economy further and giving consumers a better choice.

At present, companies registered under the Board of Investment rules can sell only 10 percent of their output in the local market, with 90 percent having to be exported, BOI Chairman Dumindra Ratnayaka said.

But, Senasinghe told a news conference, held to announce a deal by Thailand’s Rojana Industrial Park to set up an industrial zone, that the government might loosen the restrictions.

“We might make it 20-30 percent (local sales),” he said. “Sri Lankans also need to be able to buy original products at a good prices.  For example, if they (foreign investors) make a good fridge or microwave oven (in Sri Lanka), Sri Lankans should also have the benefit of buying it at a lower cost. The public should benefit.”
(COLOMBO, August 21, 2017)


 

1 Comments

  1. sacre blieu August 22, 12:02 PM

    So, what is happening to the declared privatisation of state held businesses, forcibly and even cunningly taken over by the Rajapakse regime for reasons best known to them, in particular the Hotel Developers Co.
    Even the Cement Corporation factories with such an amount of high quality raw material been continued to be ignored to the strange benefit of other cement companies with some been of questionable quality, going by buildings collapsing for this and other reasons.

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