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New tax incentives for industries-Sri Lanka's PM

23 June 2018 - 189   - 0



New tax incentives will be provided for newly set up industries by removing VAT and for importing new machinery, said Prime Minister Ranil Wickremesinghe when he opened the state-of-the-art biscuit manufacturing factory of Uswatte Confectionery Works at Mileniya in the Bandaragama electorate on Friday.
He said plans are underway to set up an industrial zone in the Mileniya and in the Kalutara district in the near future. New legislation has been brought in to prevent dumping of cheap goods into the country. 
The PM said transformation from an agro based industry to an export led industry will create more employment opportunities in the industrial and in the service sector in future. “My belief is that the new biscuit factory will prosper and provide more jobs for the youths in the area when it enters the export market.”
He said due to the increase in the country’s population people cannot solely depend on an income derived from agriculture. Therefor the Government is looking at improving the services, export and the industrial sectors to provide more employment to the youths. 
He said the manufacture of biscuits was an old business in Sri Lanka that dates back to nearly five decades producing quality biscuits and chocolates in the region and importation of biscuits was not a necessity. The PM further said to embark on an industrialization program the local industries need to be protected while modernizing them simultaneously.
The country’s local industries prospered following the liberalized of the open economy in 1977. Referring to the garment industry, he said although a few foreigners came into the country to set up garment factories initially, the garment industry today is dominated by Sri Lankans. He said the same thing applied to the hotel industry as well when a few hoteliers came into the country to set up hotels. But most hotels today are in joint collaboration with Sri Lankan companies, he said.
The newt factory will focus exclusively on the manufacture of biscuits that signify the entry of Uswatte into Sri Lanka’s biscuit market. In order to provide high quality biscuits the company has imported machinery for the manufacture of biscuits with both local and foreign expertise. State Minister of Power and Renewable Energy Ajith P. Perera and State Minister of Finance Eran Wickramaratne were present on the occasion. (JJ)

 

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