Sri Lanka eyes SME growth through exports under SAFTA

Monday, 24 February 2025 04:16 - - {{hitsCtrl.values.hits}}

The Committee on Ways and Means has identified small and medium-sized enterprises (SMEs) as key players in expanding exports under the South Asian Free Trade Agreement (SAFTA), emphasising the need for greater awareness and digital adoption to enhance trade opportunities.

The discussions took place at a recent parliamentary committee meeting, chaired by Finance and Planning Deputy Minister Dr. Harshana Suriyapperuma, where officials stressed the importance of leveraging trade agreements to boost SME exports.

Officials noted that export-oriented businesses are already directed to the Export Development Board (EDB) for support and guidance. However, they acknowledged that further efforts may be required to ensure SMEs fully capitalise on available opportunities.

The Committee Chair emphasised the importance of integrating export awareness into the business registration process, urging Government officials to adopt digital tools and non-traditional methods to reach a wider audience.

Members of the committee highlighted the need for a structured program to incentivise SME exports, particularly as Sri Lanka seeks to strengthen foreign exchange earnings. They also called for raising awareness at the rural level, ensuring that small businesses across the country can access trade benefits under the SAFTA.

The meeting was attended by Digital Economy Deputy Minister Eng. Eranga Weeraratne, Tourism Deputy Minister Prof. Ruwan Ranasinghe, MP Arkam Ilyas, Attorney-at-Law Nilanthi Kottahachchi, Wijesiri Basnayake, Sunil Biyanwila, Ruwan Mapalagama, Thilina Samarakoon and Champika Hettiarachchi. A group of officials representing the Finance, Planning and Economic Development Ministry and the Trade, Commerce, Food Security and Cooperative Development Ministry were also present at this meeting.