The Hon. Wasantha Samarasinghe - Minister of Trade, Commerce, Food Security and Co-operative Development

¶ 01 When strengthening the co-operative movement, we must also provide the necessary protection and insurance. Therefore, we need to strengthen the Co-operative Insurance Company as a robust company.

¶ 02 There were individuals in that company who were accused in the past. Today, it is a listed company. Accordingly, handling accounts and taking necessary actions are responsibilities of that institution as a company. Likewise, when it comes to the appointment of directors to the relevant co-operatives, that responsibility lies with the respective co-operatives themselves, because directors are appointed in line with their shareholding. Thus, we are working to build the co-operative sector into a strong enterprise.

¶ 03 The Registrar of Companies is under us. Therefore, under it, we must move further into the capital market. Only 254 companies are currently listed on the stock exchange, and we cannot be confined to that. Generally, there are about 75-77 companies in our country with assets over Rs. 10 billion, and around 800 companies with assets over Rs. 1 billion. Accordingly, we will consult with company representatives to bring companies with assets over Rs. 200 million into the stock market. We will strengthen the capital market.

¶ 04 Another obstacle we have faced in international trade is the absence of Geographical Indications (GI). Although the 2003 Act was amended in 2022, we were still unable to secure GIs. Therefore, we are amending the laws to ensure that our producers can obtain GIs. Beyond that, we must go further. For our producers and products, as well as our traditional music, traditional arts, traditional products, and new inventions, we will secure necessary international protection when entering the global market by acceding to the Madrid Protocol within this year. We are working through our Ministry to accomplish this significant task. However, various allegations were leveled against us. As I said, under our Ministry, we are strengthening Sathosa and the Co-operative Wholesale Establishment (CWE). We are not doing this casually. Going forward, whether in Pitakotte or Polonnaruwa—