Govt. can consider offering vehicles at low prices after increasing foreign reserves

Minister of Industry and Entrepreneurship Development Sunil Handunnetti says that the local vehicle assembly industry has improved with the cessation of vehicle importation.

Noting that foreign reserves have been destroyed by trapping the country in a debt trap, he said that the people who were responsible for it are now saying that the vehicles are too expensive.

Minister Handunnetti observed that since reserves have increased to a certain extent, coupled with a growth in exports, the government can allow imports of vehicles albeit with some control.

“Today, we are strengthening exports and protecting local production. It would be good if the dollar reserves were increased further and vehicles were allowed to be imported at a lower price. That is our hope,” he said.

The Minister said this while participating in a debate in parliament on the Foreign Exchange Act and two regulations under the Import and Export (Control) Act.