He was speaking recently at a function at Nelum Pokuna theatre to mark international cooperatives day.

The president said that despite claims the country was developed, local industries have suffered a serious setback in the past few years.

The government will not burden the public, he said, stressing the need to find solutions to repay loans, strengthen foreign reserves and to bridge the gap between imports and exports.

He added a clear solution would be taken in consultation with the prime minister and the cabinet to the issues that have arisen as a result of the VAT amendment.

Video of his statement in full: