The government is fast putting together a regulatory framework to facilitate competition.
At the same time the private sector together with trade chambers have also been asking for opening up of sectors, which have been government monopolies before.rn
rnHowever competition has been slow to arrive in some industries which have been thrown wide open. rn
rnCommerce Minister Ravi Karunanayake challenged the private sector to grab the opportunities created by deregulation and privatization or face stiffer competition from multinationals.rn
rnldblquote The private sector is still very risk averse. They are afraid to come out and meet the challenge that we expected them to do,
dblquote Mr. Karunanayake said.rn
rnldblquote We have to create jobs for 125 000 younger generation. We have to ensure that jobs are created. If the private sector did not come and take part, we will be compelled to internationalize. If the Sri Lanka private Sector did not respond we have to internationalize to see that the ec