Sri Lankan government to amend Export Agriculture Promotion Act
Daily FT: The Cabinet of Ministers at its recent meeting had given its go-ahead to amend the Export Agriculture Promotion Act in line with contemporary needs.
The Export Agriculture Promotion Act No. 46 of 1992 has played a pivotal role in regulating and promoting the export agriculture sector in Sri Lanka for several decades. However, as the agricultural and export sectors have undergone significant changes over the years, it has become evident that amendments to the existing legislation are necessary to align it with current needs and challenges.
“The export sector remains a vital contributor to the economy. The proposed amendments to the Export Agriculture Promotion Act are expected to play a crucial role in enhancing the competitiveness and sustainability of this sector, ultimately benefiting both producers and the country as a whole,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing.
He outlined, boosting exports, increasing foreign exchange inflows, managing foreign currency outflows and prudent public finance management are key factors in overcoming the economic crisis that the country is grappling with.
The decision to instruct the Legal Draftsman to prepare a draft Bill for amending the Act put forth by the Plantation Industries Minister Dr. Ramesh Pathirana was approved by the Cabinet of Ministers.
Sri Lanka’s export agriculture sector is a fast-expanding sector. The government of Sri Lanka while focusing on uplifting and developing the traditional agriculture export crops is also looking at expanding the country’s export crop portfolio. The many trade agreements and trade concessions enjoyed by the country have also helped boost Sri Lanka’s export agriculture sector. However, the expansion in the export agriculture sector has opened up a host of direct and indirect business/investment opportunities for foreign businesses/investors. There are opportunities in the supply of new seed varieties, fertilizers, technical expertise and machinery in the overall agriculture industry. Foreign businesses could also look at forming partnerships or joint ventures with local businesses engaged in the agriculture sector, especially in the export agriculture sector, for further expansion.
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