President Leads Inaugural Board of Investment Awards Ceremony
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- Driving Financial Development by way of Aggressive Financial commitment Prospects, a Precedence Aim.
President Ranil Wickremesinghe affirmed his dedication to bolstering the nation’s financial system by way of the institution of competitive investment decision avenues. He counseled the pivotal job performed by providers beneath the purview of the Board of Investment decision in driving Sri Lanka’s financial growth.
Addressing attendees at the Expenditure Board Awards Ceremony held at the Presidential Secretariat very last Tuesday (02), President Ranil Wickremesinghe underscored the significance of these types of initiatives. This inaugural ceremony coincided with the 45th Anniversary of the Board of Financial commitment, in the course of which the President bestowed 30 awards on deserving companies for their noteworthy contributions to overseas immediate investment decision and export functionality, as perfectly as recognizing longstanding lively contributors. A demanding evaluation course of action was carried out to be certain merit.
In addition, a new award category was released to honour specific contributions to the Sri Lankan financial system. Notably, Brandix Group CEO Ashraf Omar, Mas Holdings Co-Founder and Chairman Deshamanya Mahesh Amalean, and Sail Lanka Yacht Group Chairman Pierre Pringiers had been each and every offered with awards in this class. President Ranil Wickremesinghe individually conferred these accolades, acknowledging their important affect on the nation’s financial landscape.
Mr. Dinesh Weerakkodi, the Chairman of the Board of Financial investment, presented a photograph capturing the inauguration of the Biyagama Expenditure Zone in 1981 to the President as a token of remembrance.
President Ranil Wickremesinghe joined the recipients of the awards for a team photograph. Reflecting on Sri Lanka’s groundbreaking position in establishing Specific Economic Zones (SEZs) in South Asia, he highlighted the results of expense zones this sort of as Katunayake and Biyagama. He emphasized their accomplishment in attracting major buyers, fostering industrial growth, and creating employment chances.
Expressing his views at this party President Ranil Wickremesinghe reported
“It has been 45 several years due to the fact the establishment of the Board of Expenditure in our country. In 1977, President J.R. Jayawardena designed the determination to liberalize a phase of our overall economy. Recognizing that a portion of the economic system experienced been tightly regulated and controlled, he opted for a gradual solution to opening it up. Therefore, the Higher Colombo Economic Zone was formed below his initiative.
I distinctly remember advocating for the inclusion of Biyagama in this endeavour. Subsequently, in January 1978, the vital laws was enacted. This marked the genesis of the Katunayake Financial investment Zone, emerging from the transformation of a coconut estate in Katana.
The institution of the Biyagama Financial investment Zone faced skepticism from the United Nations Industrial Growth Business (UNIDO), which deemed it unfeasible. Even so, the engineers at the Board of Expenditure persisted, demonstrating that it was in fact achievable. Thus, the Biyagama Expense Zone came into existence.
Prior to the development of the Biyagama Zone, there was previously a factory operating in Biyagama, specifically Baganon Lanka. Mr. Pringiers, related with this undertaking, utilized to repeated my office at that time, situated close by in Sapugaskanda.
The initiation of these zones marked the commencing of a journey fraught with problems. From contending with the LTTE conflict to confronting the Janatha Vimukthi Peramuna (JVP) insurgency, the protection of these zones demanded arduous steps, which include complete inspections of all individuals moving into and exiting. Despite these adversities, we persevered, emerging unscathed from the two the war and the economic turmoil of the earlier two many years.
I prolong my heartfelt gratitude to all people who have been element of this journey, both equally longstanding contributors and newcomers alike.
Subsequently, President Premadasa embarked on a mission to set up 200 apparel factories, in the beginning commencing with 100. Recognizing the need to have to increase beyond selected zones, this endeavour was entrusted to the Board of Expenditure, leading to the proliferation of garment factories throughout the country. The establishment of these 200 attire factories stands as a monumental accomplishment for us all.
This period of time of progress was characterized by incremental development,with factories staying inaugurated 7 days by week. About the class of 15 a long time, we witnessed the transformation of our nation, marked by the generation of a new cash, the Mahaweli progress challenge, housing techniques, and the establishment of 200 clothing factories, between other milestones.
We embarked on a journey of industrial enlargement, inaugurating factories 7 days soon after week. This was the cornerstone of our developmental initiatives all through that period. Alongside, we undertook ambitious initiatives these kinds of as the establishment of a new funds and the inception of the Mahaweli Motion. Housing strategies also took root, marking our dedication to nationwide advancement in a span of 15 decades.
Recent times offered formidable problems, nonetheless collectively, we rose to the celebration admirably. Now, our target ought to change to rebuilding financial assurance across all sectors.
Despite the turbulent period, we effectively stabilized the financial state in under two years, a feat we go on to uphold. Notably, we have transitioned absent from relying exclusively on the central bank for financial stability, opting as an alternative to have interaction instantly with the sector.
Our future endeavour is to evolve into a extremely competitive, export-oriented economy—a transformation projected to span a ten years or extra. Consequently, the job of the Expenditure Board will bear a metamorphosis into a detailed Economic Commission.
Under this new paradigm, we imagine a singular financial commitment zone encompassing the entirety of Sri Lanka, with buyers assuming the mantle of licensees. Inside this framework, traders will have the autonomy to establish and control their have zones.
Presently, we possess around a thousand acres in the Biyagama region, with ideas to get a few to four thousand acres in Trincomalee, complemented by similar ventures in the north and Hambantota. Infrastructure progress is therefore a leading precedence.
Our aim now lies in attracting competitive investments, fostering a business-friendly surroundings, and boosting the nation’s financial competitiveness. Concurrently, we are revolutionizing the expert education landscape, phasing out vocational schooling centers in favor of vocational colleges.
This changeover assures that pupils get thanks recognition as they development from university to vocational higher education and beyond. In addition, conversations are underway pertaining to the institution of new junior specialized metropolitan areas, with options in motion to produce at the very least three or 4 these cities.
We are steadfast in our determination to advancing the electronic financial system. To this conclusion, we will set up a new electronic trade agency and allocate funding for Artificial Intelligence (AI) initiatives. On top of that, our agricultural modernization system aims to cultivate an extra 500,000 acres of land about the upcoming 10 years, supplementing present cropland and fostering remarkably effective agriculture.
In addition, ideas are underway to place Sri Lanka as a distinguished source chain hub. Nevertheless, the realization of these ambitions hinges on your ongoing rely on in Sri Lanka, as nicely as ongoing financial investment from both equally domestic and overseas stakeholders.”
Present at the gathering were being Minister Dr. Bandula Gunawardena, Condition Minister Dilum Amunugama, Presidential Senior Adviser on National Stability and Chief of Presidential Team Sagala Ratnayaka, Jap Province Governor Sendhil Thondaman, Chairman of the Board of Financial investment Dinesh Weerakkodi, together with representatives from global and nearby businesses affiliated with the Board of Expenditure, among other individuals.
The write-up President Prospects Inaugural Board of Financial commitment Awards Ceremony appeared initial on Adaderana Biz English | Sri Lanka Enterprise Information.