Word: imports
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...Rotterdam "spot" market (users bid there for supplies not tied up under long-term contracts, and prices have shot as high as $40 per bbl.). French President Valery Giscard d'Estaing, speaking on behalf of the European Community, outlined a plan to freeze European oil imports at last year's level and to "dissuade companies from lending themselves to transactions at excessive prices" in Rotterdam. But that stops well short of Giscard's earlier ideas to set specific, country-by-country import ceilings, and to put a flat ban on high-priced dealings in Rotterdam...
...government has eliminated a multitude of licenses and permits, cut back price controls, reduced import duties and trimmed taxes on business profits and agricultural exports. Private managers have been put in charge of money-losing state corporations, and the government has reduced the free and subsidized rice and flour distributions that ate up more than 30% of the previous regime's annual budget. Foreign investment is now running at about $40 million a year, 13 times the level seen in the last year of the former government. Sri Lanka, in short, is experiencing creeping capitalism. Says Jayawardene, a lawyer...
...nation's export earnings. The result was a disaster. The plantations became run down as reinvestment was cut back, periodic replanting was stopped, and fertilizers were not applied. Production of Sri Lanka's three major exports (tea, rubber and coconut) plunged. Foreign investment dropped, and price and import controls created such shortages that city dwellers lined up to buy the simplest necessities...
...part of its open-door policy toward foreign investment, Sri Lanka has established a free-trade zone north of Colombo, where investors can be granted exemption from import duties and taxes...
...roads, running water and communications, six factories have already been set up and more are abuilding. Some will make work gloves, tea bags and latex rubber threads, but most will produce garments for the U.S. market. Indeed, many companies have been attracted because the U.S. does not yet impose import quotas on Sri Lankan garments. Typically, Jeffrey Bogatin, owner of a New York-based garment business, was attracted by wage costs of 73? an hour and a five-year tax holiday. Says he: "I'm shocked that there is not more of a rush by industry to this place...