The Vehicle Importers Association of Sri Lanka says the price of certain vehicles in the local market have increased by around Rs.10 million due to import restrictions.
Speaking to NewsRadio Chairman of the Association Indika Sampath Merenchige said the situation is unfavourable to the economy and the public.
Merenchige said a 2017/2018 Wagon R which was sold at Rs.3.2 million is now being sold at Rs.5.5 million while standard jeeps have increased by Rs.15 million-20 million while V8 jeeps such as Land Rovers have increased by Rs.20 million-30 million.
He said this affects the country’s debt system as well.
Merenchige said the government is also unable take any further action as necessary steps have already been taken.
The Chairman said the import of 1,700 items has been banned due to the foreign exchange deficit that has mainly affected vehicle importers.
Merenchige said first time importers are facing great difficulties adding 75% of importers are bankrupt while the remaining 25% are surviving through selling vehicles in the market.
Merenchige charged despite repeated requests for an opportunity to discuss issues faced by vehicle importers, the government failed to respond favourably.
He said the government has not considered the plight of vehicle importers when reaching decisions to halt vehicle imports.
The Chairman said the government must be humble and consider new principles opposed to abiding by outdated principles.
Merenchige requested Minister of Finance Basil Rajapaksa for an opportunity to hold talks over their concerns.