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POSTED AT 04:55 AM 11-10-2017

NCE urges inclusion of overlooked proposals in Budget 2018

Image courtesy: Sunday Observer

The National Chamber of Exports (NCE) said that though they have forwarded several proposals for the budget most of them have not been implemented.

The Chamber notes that some of the proposals submitted by the them during the preceding years including the proposals to establish an EXIM bank, strengthening of the Sri Lanka Export Credit Insurance Corporation, Venture Capital Financing, Assistance for Innovation, and the creation of a Cinnamon Training Academy encompassing the whole value chain of Cinnamon, had been accepted.

“However these proposals are yet to see light of day. Therefore the Chamber trust that its proposals will be included in the National Budget and the more importantly implemented to derive the beneficial results.”

NCE has conducted a brainstorming session with sector heads of the relevant products and services sectors to discuss their considered views and suggestions to formulate meaningful proposals.

The chamber says that this year too they have forwarded some proposals and hope that they be included in the Budget proposals at least this year.

Among the important new proposals made by the Chamber include, the reduction of cost of working capital for the industrial sector by providing a suitable rebate to banks in respect of interest charged, tax relief to companies to encourage them listing in the Colombo Stock Exchange (CSE), measures to encourage and facilitate to set up solar power units wherever possible to support power generation, without depending on fossil fuels especially during drought periods, Streamlining implementation of compliances and regulatory clauses by segregating exports from imports, measures to overcome constraints for the development and expansion of the Sri Lankan Spice Industry, specially Ceylon Cinnamon in which Sri Lanka has a monopoly and the necessity to provide a package of assistance to develop and promote value added high-tech products.

Source