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Thursday, November 25, 2010 - 09.49 GMT |
Private sector should grab business
opportunities
- Treasury
Secretary Dr. P.B.Jayasundera |
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The 2011 budget has protected the nations’ investments and the private sector needs to grab business opportunities that have been opened by the Government, Treasury Secretary Dr. P.B.Jayasundera said.
Dr. P.B.Jayasundera made these observations at the Budget Seminar organized by the Taxation Faculty of the Institute of Chartered Accountants of Sri Lanka.
Addressing the Budget Seminar he said knowledge is the critical theme in the 2011 budget.
"It is time to invest heavily in the education sector especially physical infrastructure based activities, skills orientation programs in universities and other related educational institutions while creating many university townships” he said. The knowledge has been an honest service, which is capable of creating value added services and products.
Accordingly, state universities are to be developed according to a core theme and a platform to bring in the same status and international rankings of high-status international universities to state universities in the country.
The meaningful researches and developments related to the industries, services and academic areas and other highly potential arenas will also create value added services and products whilst paving way for double deduction.
“The recent budget has addressed agricultural, primary and corporate issues while talking about IT and BPO, clinical and trial issues, research and development activities and other highly potential areas.”
“Budget is not an economic exercise. It is a complicated activity, which addresses multi-dimential demographical characteristics,” Dr Jayasundera said.
Traditional agricultural, fishery, apparel and other export oriented services would have access to latest technologies at cheapest prices to reap the economic advantages.
The agricultural sector accounts 20 percent of Gross Domestic Product (GDP) and the maximum benefits and productivity need to be gained in this industry by adopting meaningful technology.
The telecommunication industry has been facilitated immensely by the 2011 Budget as the Government has identified the sector as a key driving force behind the success of development in the nation. With the objective of providing room for generating more revenues to the industry. A simple combined telecommunication levy and a single regulatory levy have been introduced.
The importance of having an Investment Fund Account in the banks has been emphasized by the budget. The Investment Fund Account will able to provide 10 to 15 year long term credit facilities with lower interest rates for the betterment of people in the SME agricultural and other related areas. The active SME involvement to generate higher revenues for the country has to be identified by providing appreciations for machinery and qualitative human capital.
“The high profile international organizations and institutions will be relocating their headquarters in the country in the years to come, as the world is aware that it is better to select promising emerging markets like Sri Lanka than emerged markets to initiate their lucrative businesses,” Dr. Jayasundara said.
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