The Janatha Vimukthi Peramuna (JVP) has observed that the proposed Indo-Sri Lanka Economic and Technical Technological Technology Cooperation Agreement (ETCA) would not make any contribution to domestic production.
JVP MP Dr. Nalinda Jayatissa claimed that the ETCA would not result in the increase of the country’s export revenue.
He pointed out that although Prime Minister Ranil Wickremesinghe wanted to make the Colombo Port City a financial hub dealing with monetary capital and services such as those in Dubai, Hong Kong and Singapore by relaxing exchange laws, no one yet knew what laws would be changed in relation to the Colombo Port City.
“We have not benefitted from the South Asian Preferential Trade Agreement (SAPTA) and the proposed ETCA which will not increase our export income. It looks set to be the same as SAPTA”, said Jayatissa.
“There is going to be no production of goods by the local business folk and local investors. The government does not plan to send our goods to India.
“China, Malaysia and Thailand send goods to India and yet do not receive much by way of tax relief. Sri Lanka on the other hand, plans to provide India with tax breaks. This is apart from the tax relief provided by the Board of Investment under whose purview come these Indian factories which are to be set up. Sri Lanka is to provide space and labour at a cheap price,” he added.