Colombo, Jan 9 (IANS): Sri Lanka's new government headed by President Gotabaya Rajapaksa will try to strengthen the nation's economy ahead of parliamentary elections to be held in 2020, Sri Lankan Foreign Minister Dinesh Gunawardena has said.

At a briefing in Parliament on Wednesday on the achievements of the government within the past two months, Gunawardena said that since the new government took charge in November 2019, taxes were considerably reduced and small and medium scale industries were aided with many concessions, Xinhua reported.

The Sri Lanka media quoted the minister as saying that President Rajapaksa's vision included proposals to strengthen the executive, legislature and the judiciary and he had invited the opposition to assist the progressive programmes undertaken by the government.

Making his inaugural speech in Parliament last week, the President had called upon all political parties in the island country to join him in his development drive so that international businesses could be encouraged to locate in Sri Lanka and supply goods and services to neighbouring countries.

The president said that Sri Lanka has been an international trading hub for merchants from Greece, Rome, Arabia, China and various other nations for thousands of years. One of the main reasons for Sri Lanka's renowned standing was its unique location in the Indian Ocean connecting the East and the West.