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Message: <blockquote data-quote="netsurfer" data-source="post: 19728844" data-attributes="member: 537473">"He(Ranil) also admonished media not to cover protests by professional bodies connected to the proposed Economic and Technology Cooperation Agreement (ETCA) with India, which could liberalise the IT industry to foster international investment."Source: <a href="http://www.ft.lk/article/525894/Ranil-gives-ultimatum-to-private-sector" target="_blank">http://www.ft.lk/article/525894/Ranil-gives-ultimatum-to-private-sector</a>Holding fast to Government efforts to reduce protectionism, tough-talking Prime Minister Ranil Wickremesinghe read the riot act to the private sector yesterday, telling them to get ready to do business with international companies or face broadened capital gains taxes.Speaking at the launch of the Systematic Country Diagnostic (SCD) conducted by the World Bank to identify the main constraints to sustaining progress in ending poverty and boosting shared prosperity, the Prime Minister was adamant the time had come for Sri Lanka to move away from the South Asian growth model towards East Asian style development.Due to regressive policies made in the past, Sri Lanka’s economy has become constrained with reduced public revenue creating a rigid Budget, he said, adding it led to limited social expenditure such as healthcare and education. The Government has to stop merely subsidising the poor and create capital for them so they can engage with the economy directly, he advocated.Decades of limited economic policies has left Sri Lanka with one of the strongest protectionist economies in the world, the Prime Minister observed, calling on the private sector to support efforts to open up the economy. “The people appointed a National Government to deliver results. The private sector must learn to work with international companies. They must get ready to work with India or China or any other country. Instead they are holding protests against positive policies to deliver growth, either they must work or pay more taxes,” a tough talking Wickremesinghe said, threatening to broaden capital gains taxation on companies.“Either work with us or pay more taxes,” he said. He also admonished media not to cover protests by professional bodies connected to the proposed Economic and Technology Cooperation Agreement (ETCA) with India, which could liberalise the IT industry to foster international investment. The private sector was invited to link itself with Government measures to increase productivity and improve social investment.      - See more at: <a href="http://www.ft.lk/article/525894/Ranil-gives-ultimatum-to-private-sector#sthash.u9xfaCGP.dpuf" target="_blank">http://www.ft.lk/article/525894/Ranil-gives-ultimatum-to-private-sector#sthash.u9xfaCGP.dpuf</a></blockquote>

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