By: Isuru Parakrama
August 03, Colombo (LNW): The National Movement for Social Justice (NMSJ) has welcomed the recent decision by US President Donald Trump to reduce the export tariff on Sri Lankan goods to 20 per cent, calling it a timely concession amidst the country’s mounting economic challenges.
However, the NMSJ warns that without collective and strategic action, the benefits of this move could be short-lived.
In a statement issued by its leader, Karu Jayasuriya, the NMSJ urged both the Government and the private sector to come together to address deep-rooted structural weaknesses in Sri Lanka’s manufacturing sector.
“The challenges are formidable,” the statement read, highlighting issues such as low productivity, exorbitant electricity costs, and the frequent disruptions caused by public sector strikes.
Sri Lanka’s industrial landscape, already under pressure, is further hampered by a high number of public holidays, discouraging industrial growth and long-term investment. With neighbouring Asian countries creating increasingly attractive environments for manufacturing and exports, the NMSJ stressed that Sri Lanka must act swiftly to remain competitive in the global market.
The organisation called on policy-making institutions, private entrepreneurs, and professional bodies to join forces in crafting comprehensive, forward-looking economic strategies. “Without entering such a transformational era, the challenges facing the export economy will not be overcome,” Jayasuriya warned.
The statement closed with a patriotic appeal for unity and realism in addressing the economic reality. Whilst acknowledging the advantage gained through Trump’s tariff reduction, the NMSJ underscored that internal reform and cohesion are essential for long-term sustainability and growth.
Full Statement:
The concessions made by President Trump are of advantage, but the challenges are formidable.
The fact that US President Donald Trump has reduced the export tariff rate on Sri Lanka to 20% can be considered a form of concession in view of the challenges we face as a country, but we would like to emphasise the need for us as a country to act collectively and wisely in view of the competitive situation arising from Asian countries in the future export of goods from Sri Lanka to the US.
As the National Movement for Social Justice (NMSJ), we request the Government led by the President, especially the institutions that plan policies related to the country’s economy, as well as private entrepreneurs and professional organisations, to come together and prepare future plans regarding the challenges that may arise.
There are a number of areas that we must pay attention to. Sri Lanka’s manufacturing sector is considered to be one of the least productive sectors. It also has the highest electricity tariffs. As a country with the most holidays in the world, we are in an environment that discourages industries. In addition, the constant strikes in the ports and other public transport sectors pose a mortal threat to our country’s manufacturing sector.
We should pay more attention to these situations, considering the favourable manufacturing environments maintained by other countries in the Asian region that compete with us. We believe that without entering such a transformational era, the challenges facing the export economy will not be overcome.
Therefore, the NMSJ calls on the Government, the entrepreneurial community representing the private sector, and the patriotic people to understand the reality and work together to overcome the challenges before us.
Karu Jayasuriya
Leader
National Movement for Social Justice
