The Ministry of Trade is considering commencing the importation of essential items, including building materials, under the Government’s purview.
According to the Sunday times, the Ministry has formulated a proposal to obtain Cabinet approval for a bank guarantee of US$ 10 million for this purpose.
The objective of the Ministry is to set up a Government arm in importing goods and thereby releasing stocks to the markets, while competing with private sector prices.
Minister of Trade Bandula Gunawardna will seek cabinet approval to revive the now defunct State Trading General Corporation, which was closed down due to the inability to find a liquidator.
According to the Minister the State Trading General Corporation will be used to import essential items such as sugar, dhal, chicken, coconut oil, onions, chillies and potatoes, while it will also look at importing goods such as tiles, iron, building material, cement, pipe fittings and cables.
He added that the Ministry’s policy would be to import items whenever the prices are high in the private sector. (NewsWire)