Sri Lanka to extend financial support to value added industrial exports
A new financial support scheme to encourage exporters of value-added local industrial products has been introduced by Sri Lanka’s Export Development Board (EDB).
Accordingly, the scheme will support product and or production process development activities to add value by exporters of apparel, rubber products, diamonds, gems and jewellery, boat building, light engineering products, footwear and leather products, plastics, chemicals and petroleum products, mineral based products and automobile components.
Financial assistance will be considered up to a maximum of Rs. 5 million per company on a cost-sharing basis.
“The scheme will support manufacturing exporters with a passion and determination to succeed and achieve prosperity to avail facilities under the scheme,” the EDB has been quoted as stating.
Prospective companies or individuals are invited to submit Expression of Interest (EOI) on or before 27 September.
In the first seven months of 2021, merchandise exports increased by 22.17% to $ 6.7 billion from a year earlier with improved performance by apparel and textiles, rubber-based products, coconut-based products, electronics and electronic components, spices and concentrates, seafood and ornamental fish.
According to the EDB, exports of US$ 1.09 billion in July were the highest-ever monthly achievement that had shown an increase of 1.33% over US$ 1.08 billion in July last year and an increase of 12.39% from July 2019.
OSL take:
The government of Sri Lanka is focused on further developing and promoting the country’s manufacturing and exports sectors. The two sectors have recorded a growth even amidst the challenges posed by the global Covid 19 pandemic. The many trade agreements and concessions enjoyed by the country have helped boosy local exports. Given Sri Lanka’s ongoing development and economic expansion programme, authorities continuously introduce incentives to further boost the country’s manufacturing and exports sectors. All these have expanded the business/investment opportunities in Sri Lanka’s manufacturing and exports sectors.
| Article Code : | VBS/AT/23092021/Z_3 |