To bring in more foreign direct investments to the country, Sri Lanka should have more export processing zones. For the past 10 years not a single comprehensive export processing zone has been established, disclosed Thilan Wijesinghe, Chairman & CEO of TWCorp (Pvt) Ltd, at the Advocata Institute organised special breakfast forum yesterday.
He said that Sri Lanka should urgently set up these zones starting from Hambantota and Trincomalee and an Agro zone too was needed. “During my time we created seven EPZs and some of the top global players invested in Sri Lanka.”
He said that the Board of Investment should encourage more FDI’s from the manufacturing sector and the State should step in to settle the Eppawala phosphate mine legal issue dragging for over 20 years. “Settling this could lead to more value added mineral exports as well as help in the production of local fertiliser.”
A former chairman of the BOI, he also recalled that during his tenure he was able to approve and get a BOI project off the ground in less than a month. He also said that during his time from 1995 to 2001 FDI came to almost 12.5% of GDP per year when the world norm was around 15%. Wijesinghe said that it was during his time from 1998 to 2002 that the best number of implemented FDIs were recorded and this was also during time of war.
“But one can not see these positive developments now,” he noted.
The ex BOI Chief questioned why companies that are making 40% of profit like SAGT and CICT terminals were given such a lot of concessions. Invitee Fred McMahon said that Sri Lanka still can take off to be another Singapore especially in the maritime sector and as a country promoted as a financial hub provided there is better economic freedom. He also said that with economic freedom there is no room for corruption.
‘Disbanding PPP partnership implementation body cost country heavily’
Thilan Wijesinghe disclosed that the former government disbanded a private public partnership implementation body that was set up under him which helped projects to be implemented and several new PPP’s got off the ground under that unit.
“The PPP also received around USD 30 million in foreign funding but with the unit being closed this funding went back again.
“The employees in the unit who were removed teamed up under my leadership as a new private entity and today we are advising many countries on how to implement PPP.” (SS)
The post More export processing zones must to bring in FDI -Ex BOI Chief appeared first on DailyNews.