Sri Lanka’s EDB launches three year financial support to help home-grown brands to enter world market
Sri Lanka’s Export Development Board (EDB) is reportedly stepping up efforts to encourage Sri Lankan entrepreneurs to develop and promote home-grown brands in the international market through a new three year programme launched by the Board.
The EDB has therefore introduced the National Export Brands Development Programme 2021-2024, a financial assistance scheme for 100% Sri Lankan-owned brands and the initiative intends to encourage Sri Lankan entrepreneurs to develop and promote creative, innovative, high value-added products for the international market, according to local media reports.
Two categories have been identified under the new programme – established export companies and export-ready companies.
Exporters, having an established brand and previous branding experiences in international markets, with established supply chain and adequate infrastructure, with over three-years of export experience, are eligible for a 50% matching grant up to a maximum of Rs. 10 million annually for a period of three-years and will be considered on reimbursement basis, local media reports have stated.
Companies, having a strong local brand presence, solid local supply chain, adequate resources and infrastructure, with commitment towards entering the export market, are eligible to a 50% matching grant up to a maximum of Rs. 5 million per year for three years and will be considered on reimbursement basis, local media reports have added.
According to the EDB, building strong home-grown brands with a value-added portfolio and differentiated products and services in overseas markets would play a crucial role in the post-pandemic trading environment.
In line with the Sri Lankan government’s policy framework ‘Vistas of Prosperity and Splendour,’ strengthening local enterprises and establishing Sri Lanka as a global innovation hub has been identified as a key development strategy to achieving economic prosperity.
Sri Lanka’s manufacturing and exports sectors have shown a growth momentum despite challenges posed by the global Covid 19 pandemic. The two sectors continued operations through the Covid lockdown as well as travel restrictions. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports sector. The business conducive environment and the ease of doing business environment in the country have helped attract foreign investments to boost Sri Lanka’s manufacturing sector. All these are indicative of the expanding manufacturing and exports sectors in the country as well as the growing business/investment opportunities in Sri Lanka, especially in the manufacturing and exports sectors. Also, given the assistance provided to Sri Lanka’s SME sector to encourage growth, foreign businesses could explore business opportunities in the country’s SME sector.
|Article Code :||VBS/AT/20210720/Z_2|