Sri Lanka rewards top exporters
Sri Lanka has launched a rewards scheme to incentivise its leading export companies.
The Export Development Reward Scheme (EDRS) offers rewards worth Rs551m distributed among 25 companies under the first phase of the scheme, said Secretary, Ministry of Investment Promotion and International Trade S. Runnuge.
“We received 250 applications for the first quarter of which 97 were rejected as it did not meet the basic criteria. One-hundred-and-fifty-three applications are being evaluated at present,” he said.
Parliament has approved Rs.0 8bn for EDRS. This is in addition to the Rs. 1bn allocated in the 2009 Budget to provide incentives to exporters to seek new markets and increase orders in the markets.
The National Chamber of Exporters (NCE) of Sri Lanka president Rohan Fernando praised the introduction of the scheme and added: “We have been informed that EDRS payments will be distributed soon and this is a welcome message for exporters. We appeal to the government not to stop with ERDS.
“The country needs to increase its export economy from US$8bn to US$16bn. If a concerted effort is made, we can achieve this target within three years,” he added.
Fernando said that despite the current global economic crisis Sri Lankan exporters were still able to perform well. The country has a unique position in the Indian ocean amidst the maritime routes and the vast natural resources on the land and in the sea make our country an attractive proposal for many powerful economic alliance, he said. Brazil, Russia, India and China have been grouped as the new economic power base known as BRIC countries. Sri Lanka has the potential to become the economic hub in the region and include in the BRIC group, he said.
Winners in the scheme have been selected under ten main sectors which consist of agriculture bulk sector, agriculture value added sector, Tea bulk sector, Tea value added sector, Industry sector, garment sector, minerals, export of business and professional service sector, service providers to export sector and precious stones and jewellery sector.
The Most Outstanding Exporter of the year was Colombo Dockyard PLC and Most Outstanding Exporter Runners-up were Expolanka Teas (Pvt) Ltd and George Steuart (Teas and Marketing).
NCE member companies represent approximately 60 percent of the national export earnings and the applicants numbering 140 companies who applied for awards totally accounted for 23 percent of the export earnings.
The Export Development Reward Scheme (EDRS) offers rewards worth Rs551m distributed among 25 companies under the first phase of the scheme, said Secretary, Ministry of Investment Promotion and International Trade S. Runnuge.
“We received 250 applications for the first quarter of which 97 were rejected as it did not meet the basic criteria. One-hundred-and-fifty-three applications are being evaluated at present,” he said.
as BRIC countries. Sri Lanka has the potential to become the economic hub in the region and include in the BRIC group, he said.
Winners in the scheme have been selected under ten main sectors which consist of agriculture bulk sector, agriculture value added sector, Tea bulk sector, Tea value added sector, Industry sector, garment sector, minerals, export of business and professional service sector, service providers to export sector and precious stones and jewellery sector.
The Most Outstanding Exporter of the year was Colombo Dockyard PLC and Most Outstanding Exporter Runners-up were Expolanka Teas (Pvt) Ltd and George Steuart (Teas and Marketing).
NCE member companies represent approximately 60 percent of the national export earnings and the applicants numbering 140 companies who applied for awards totally accounted for 23 percent of the export earnings.