Govt looking to reopen dysfunctional factories in North
By Naalir Jamaldeen
State Minister of Money and Capital Market and State Enterprise Reforms Ajith Nivard Cabraal, during his recent visit to Jaffna, said steps would be taken to reopen factories in the Northern Province that were closed, Jaffna District Secretariat sources said yesterday (1).
He was speaking at a discussion held at the District Secretariat regarding investments to be made in the Jaffna District and loan facilities to be provided to investors, sources said.
Discussions had also been held with Jaffna University representatives, Trade Unions and Agrarian Societies in the region as well.
Attention had been drawn to the palmyrah development in the Jaffna peninsula and the possibilities to export palmyrah and tobacco products, boat construction and making use of the agriculture sector to improve the economy. The State Minister said by implementing livelihood development projects with the assistance of economic promotion agencies of the Government the living standards of people could be uplifted.
He pointed out that small and medium entrepreneurs in the North must be encouraged and that he was ready to extend his fullest support to uplift the regional economy.
Cabraal said they have been looking into the possibility of reopening factories in the Northern Province that had folded up and promised that steps would be taken to reopen them.
He said the microcredit scheme was an issue and those who obtained microcredit were unable to pay them off. Same laws have been implemented throughout the country in connection with microcredit because many who obtained these loans were struggling to settle the loans.