TEA welcomes reforms in Budget

Wednesday, 15 November 2017 00:29 - - {{hitsCtrl.values.hits}}

The Tea Exporters Association (TEA) yesterday welcomed the Budget, especially the proposals for trade reforms presented to Parliament by Finance Minister Mangala Samaraweera.

The proposals, under the theme ‘Enterprise Sri Lanka’, to reform the existing trade regulations, are in the right direction to enhance the competitiveness of local industries and the service sector, it said in a statement.

“The Budget proposals are focused on economic sustainability and promoting investment by introducing many reforms to all key sectors such as agriculture, industries, tourism, IT, trade, research, etc. The entrepreneurs of the country need to face the challenges of globalisation without further delay. The revision of certain trade regulations was long overdue in relation to the open economic policies of the Government.”

TEA believes that Sri Lanka has huge potential to develop as a trading hub in the region due to its strategic location. The proposal to liberalise the shipping and logistic sector is very much appreciated as it would help exporters to get more competitive shipping rates that would enhance its competitiveness to foreign buyers.

“TEA also welcomes the proposed Export Market Access Support scheme for companies whose turnover is less than $ 10 million per annum. The recommendation for product development and facilitation of trade information will also support the growth of the export sector,” it added.

The proposal to set up a dedicated unit at the Ministry of Finance to monitor the implementation of Budget proposals would be appreciated by everybody as follow up on the implementation of proposals and is important to achieve the objectives of the Budget, it said. The Government initiative to protect the environment and recommendations for a green Sri Lanka in the coming years is also in line with new international trade and consumer trends.