It is reported that many small and medium scale industries currently operating under the Board of Investment (BOI) are expected to reduce or suspend operations after the April New Year.
Commenting on this, the Chairman of the Manufacturers Association (MA) Dhammika Fernando stated that this has increased the cost of production in Sri Lanka by about 25% compared to other countries, and therefore it has become difficult for Sri Lankan products to compete with competitive products in the world market. .
Despite Sri Lanka’s economic recovery, global economic problems have led to loss of contacts and
He says that the increase in freight charges and the imposition of taxes targeting exporters have affected this situation.
According to this situation, 30,000-50,000 jobs are likely to be lost in the first half of the year, but some business community believe that the situation will improve in the second half, he added.