Certain International trade agreements not favourable to Sri Lanka: President

Re-Initiating the Export Development Council, the President emphasized that the agreements should be reviewed in a manner that would benefit the country.

The Export Development Council, which is officially chaired by the President, met after 28 years.

According to Basil Rajapaksa, the Chairman of the Presidential Task Force on Economic Revival, unnecessary rules and regulations that discourage exporters should be removed.

Meanwhile, President Gotabhaya Rajapaksa has instructed officials to identify investors and take immediate steps to introduce innovative products designed at the corporate and individual levels.

These observations were made at a discussion held at the Presidential Secretariat on the future plans of the State Ministry of Finance, Capital Markets and Public Enterprise Reforms.

Speaking at the meeting, the President also pointed out that as a result of the research done by many institutions, many innovations with the potential to win local and international markets have been made.

State Minister Ajith Nivard Cabraal, who observed that interest rates, financial units and the stock market have stabilized, said his objective was to identify 10 priorities and pave the way for rapid economic development.

Plans should be made to attract investors to the island with the assistance of ambassadors through a proper publicity campaign, the Head of State further noted.

Attention was also drawn to the establishment of an office in Colombo for international business leaders.

In addition, the President instructed officials to look into the possibility of lowering the prices of cement and steel.