Remembering President Premadasa's contribution to economic development on 32nd death anniversary

ON the 32nd death anniversary of President Premadasa we should recognise the major contribution made to the economic development with his foresight to set up the 200 garment factories program using the USA garment quota as the major export-oriented industrial development project spread throughout the country creating employment and exports bringing in valuable foreign exchange to the country.

- By Professor Lakshman R. Watawala

Another important lesson to learn is that all future Governments continued and supported the garment factories program which is today the major industrial export from Sri Lanka.

The big question today is whether the Trump policies of 44% tariff imposed on exports of Sri Lankan goods will disastrously impact the garment industry which was built on the USA garment quota and strengthened over the years and will destabilise the Sri Lankan economy?

It was Kumar Dewapura Chairman of the Tri Star Group with the support of the Chief Minister Gamini Jayawickrema Perera who invited President Premadasa to open the garment factory in the Kurunegala district and explained how the USA garment quota was helping him to get the export market in USA and to export to big buyers like Marks & Spencer in the UK and that the USA Garment quota which at present is benefitting only a privileged few could be used to expand the garment industry. This gave the initial idea for the launch of the 200 Garment Factory program to President Premadasa.

President Premadasa then decided to launch the 200 Garment Factory program under the then GCEC.

He then told his secretary Paskaralingam who gave me a call at People's Bank and said that the President wants me to take over the GCEC immediately which was indeed a great shock to me. It was a new challenge assuming the office on the invitation of President Premadasa as the Chairman and Director General of the Greater Colombo Economic Commission (GCEC) the investment agency responsible for foreign direct investment (FDI) in Sri Lanka in 1991, coming over from the People's Bank where I was Chairman.