By: Staff Writer
December 11, Colombo (LNW): The National Chamber of Exporters (NCE) of Sri Lanka has called for immediate reforms to revitalize the country’s export sector.
Addressing the 32nd NCE Export Awards in Colombo, NCE President Jayantha Karunaratne emphasized the urgent need for innovation, competitiveness, and sustainability to tackle challenges impacting the industry.
Karunaratne stressed the importance of transparency and accountability in regulatory processes and urged the government to eliminate delays in patent fund disbursements. He advocated for adopting a single-window system to streamline operations and enhance efficiency.
Addressing industry leaders and stakeholders, he highlighted the need to empower Sri Lanka’s trade missions, rebuild global confidence in Sri Lankan products, and mitigate the negative effects of economic instability.
Identifying key barriers, Karunaratne pointed to the high production costs and the 30% tax on profits as deterrents to investment and innovation.
He contrasted Sri Lanka’s situation with that of regional competitors like India, Vietnam, and Bangladesh, which provide exporters with easier access to international loans from 60 countries. This gives them a distinct advantage in global markets.
He urged Sri Lanka to adopt similar policies to promote inclusivity and growth in the export sector.
Karunaratne also called for liberal reforms to cultivate a dynamic workforce and improve access to international trademark administration.
He emphasized the need for greater support for small and medium enterprises (SMEs) and startups, which are essential drivers of export growth.
The devaluation of the Sri Lankan rupee by 10% over the past year and uncertainty surrounding the removal of the Simplified Value Added Tax (SVAT) system were cited as ongoing concerns. Rising energy and credit costs further exacerbate the challenges faced by exporters.
Despite these obstacles, Karunaratne assured attendees that the NCE is actively collaborating with key stakeholders, including the Export Development Board, Ministry of Industries, and Ministry of Finance, to devise actionable solutions.
Proposed measures include stabilizing the currency, reforming the tax structure, and prioritizing research and development initiatives.
In his concluding remarks, Karunaratne urged the government to prioritize the export sector as a national imperative. He emphasized that strategic reforms could help Sri Lanka boost foreign exchange earnings, enhance GDP growth, and create sustainable employment opportunities.
“With the right policies and support, Sri Lanka can significantly expand its global export footprint and achieve ambitious trade targets,” Karunaratne stated, expressing optimism about the country’s economic future.
