The COVID-19 pandemic brought on a stream of new regulations and policy decisions, put in force to bring stability and order to an unsettled economy. This includes the import restrictions and three-month credit limit on a range of industries imposed by the Sri Lankan Government in order to stabilise the foreign exchange market and provide support to local businesses in these tough times. However, to identify and to address the challenges faced by industry,
KPMG in Sri Lanka in partnership with the International Chamber of Commerce is in the process of preparing a report to be presented to the Government and the private sector, to bring light to the impact the trade related restrictions have had on local businesses. This report will help in identifying the pain points felt by these companies and allow local authorities to take better informed and effective decisions in assisting and providing relief to the companies affected by the restrictions.
Extensive research was done in preparing the questionnaire, including interviews with key leaders in several industries such as textile, logistics, manufacturing and ceramics. The questionnaire has been developed with a series of questions designed to gather information on the range of difficulties faced due to the import restrictions, ranging from impacts to supplier relationships, production processes, employees, customers, revenue, cost and profitability.
Further, the questionnaire will draw out suggestions from the companies themselves on how their situation can be improved. In the near future this carefully prepared questionnaire will be distributed among 300 select companies across the country which have been affected by the new regulations.
The KPMG in Sri Lanka team led by Principal – Deal Advisory and Deputy Head of Markets Shiluka Gunawardena will be collaborating with a team led by ICC Chairman Dinesh Weerakkody in conducting the survey among various businesses across the island.
Furthermore, KPMG will be responsible in the preparation of the questionnaire and detailed analysis based on the data gathered from this survey and present the most suitable steps to be taken in addressing the problems brought on by the import restrictions in the hopes of alleviating the problems felt by these companies in the most effective way possible. The Employers Federation of Ceylon, The Federation of chambers of Commerce SL and the European Chamber will be partners to the project.