By: Staff Writer
May 09, Colombo (LNW): Sri Lanka’s export community, represented by various chambers and associations, has come together to address critical issues hindering the country’s export potential.
In a clarian call to action, exporters have highlighted key concerns ranging from transparency and accountability in government agencies to challenges in accessing global markets and overcoming regulatory hurdles.
Through a series of recommendations, they seek to foster a conducive environment for sustainable economic growth and international trade.
Against the backdrop of a stagnating trend in merchandise exports, Jayantha Karunaratne, the President of the National Chamber of Exporters (NCE) of Sri Lanka, seized the opportunity to articulate the pressing issues facing the Chamber’s members.
Highlighting the gravity of the situation, he emphasized the urgent need for effective policy-making to counteract the stagnation of merchandise exports and propel sustainable economic growth.
The stagnation in merchandise exports, despite the occasional increase in Merchandise Exports in certain months, underscored the significance of collaborative efforts between the government and the private sector to navigate these challenges effectively.
Mr. Karunaratne’s speech echoed the feelings of Chamber members, who voiced their concerns regarding the adverse impact of the export stagnation on the nation’s economy.
Recognizing the pivotal role that exports play in bolstering foreign currency reserves and driving economic prosperity, there was a collective call for swift action and strategic collaboration to reverse the current trajectory.
In his impassioned plea for enhanced collaboration between the government and the private sector, He underscored the imperative for joint efforts to formulate and implement policies conducive to sustainable economic growth.
This collaboration, he stressed, is essential to address the multifaceted challenges confronting Sri Lanka’s export sector and to forge a path towards a resilient and thriving economy.
He further stated that long-term steady policies will positively impact foreign direct investments (FDIs) and startups.
In addition to policies, Mr. Karunaratne underscored the pressing need to address outdated laws and regulations that hinder Sri Lanka’s competitiveness in the global market.
Laws such as the customs ordinance and Labor Laws, among others, are relics of a bygone era and fail to reflect the evolving dynamics of the modern business landscape. Their antiquated provisions not only impede business operations but also deter potential investors and hinder the growth of startups.
To remedy this situation, he advocated for a comprehensive overhaul of existing laws and regulations to align them with current industry practices and global standards.
This entails a rigorous review process aimed at identifying outdated provisions and implementing necessary reforms to modernize Sri Lanka’s legal framework.
By doing so, Sri Lanka can enhance its attractiveness as a business destination and create an environment conducive to sustainable economic growth.
