President Gotabaya Rajapaksa says opportunities in the industrial sector should be expanded for local and foreign investors to generate foreign exchange.
The President said long-standing rules and regulations are a serious dampener on investments, adding that a great deal of work must be done to promote the industrial sector by adopting new strategies to encourage investments.
The President expressed his views at a discussion held at the President’s House this morning to review the progress of the Ministry of Industry.
President Rajapaksa highlighted the need to identify industries that can generate foreign exchange and to prepare future measures for development.
Challenges and solutions faced by industrialists amidst the foreign exchange crisis were discussed at length.
The President requested relevant officials to look into the possibility of using foreign exchange generated through the export industry directly for the import of raw materials.
Joining the discussion Minister Ramesh Pathirana said a new policy will be formulated for local industries adding that the groundwork has been completed.