Sri Lanka urged to bring legislations for policy reforms: Harsha De Silva

Nov 05, 2015 (LBO) – Sri Lanka should urgently bring legislations to give effect to the needed policy reforms to become a highly competitive social market economy, Deputy Minister Harsha De Silva said.

“The 3rd generation economic reforms, as referred to and presented by Prime Minister Ranil Wickremesinghe today in Parliament, has gone beyond even what was expected by most towards restructuring the economy to prepare for the next wave of sustainable growth in Sri Lanka,” De Silva said in a statement.

“It provides the platform to create the knowledge based highly competitive social market economy that we promised in the run up to the election to create a million new high-paying jobs,”

“Now it is up to Parliament to urgently bring in the necessary legislation as proposed by the Prime Minister to give effect to the far sighted and inclusive policy reforms that will see Sri Lanka emerge as the most dynamic and rapidly developing economy between Dubai and Singapore.”

Sri Lanka’s Prime Minister Ranil Wickramasinghe today (5th) made a special statement at the Parliament suggesting various policy reforms to be made in upcoming budget in November.

Prime Minister highlighted that Sri Lanka needs and clear long term economic policy to become a highly competitive social market economy.

He also suggested that Island’s exports should plug into global value chains which will ultimately drive value for the country.

De Silva says the sharp focus reiterated more than once on the need for Sri Lanka to become a trading nation of high value products and services will become the rallying call for a structural shift upwards in foreign investments.

“The mention by the Prime Minister for the need to accede to the Trans-Pacific Partnership has a deep meaning both in terms of his thinking on free trade and equally importantly on the need for reforms in external trade in the coming years,” De Silva said.

“Not stopping at industrial products and IT enabled services the proposals to link rural agricultural production with the growing demand for specialized food for the booming middle class in the Indian subcontinent is another path breaking initiative which will help reduce inequalities in the distribution of the new wealth that would certainly get created across the nation,”

“Bringing back the cooperative structure in agriculture in the soon to be reformed land markets will help break the shackles that have for a long time been around the hard working farmers of this country.”

He added that the proposed restructuring of state owned enterprises and the creation of holding corporation to manage them by a board appointed by the constitutional council and the creation of the national wealth fund, inter alia by amalgamating the EPF and ETF, once again, to be managed by an independent body that includes trade unions is a most important break from the past to deal with the past where chronic losses were recouped by regressive taxes on the people while the savings of the hard working people were plundered.