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Thursday Nov 14, 2024
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Shehana Dain
Minister of Development Strategies and International Trade Malik Samarawickrama yesterday stressed that Sri Lanka will have to rely on exporters if they are to overcome significant debt which has plagued the country for over 30 years.
He added that little scope is available for further borrowing from next year onwards and Sri Lanka should put a stop to living beyond its means.
Samarwickrama said: “Our inability to live within our means has affected the excessive Government budget deficit which has persisted for several decades. Since 1986 the Governments’ recurrent expenditure has exceeded revenue. This means that for 30 years we have borrowed to beat our current expenses.
We have very little scope now to continue borrowing as we have done in the recent past. We have to earn rather than borrow the foreign exchange we need to pay for the imports we require as well as service our foreign debts.”
Citing the challenges local exporters encountered that deprived them of the competitive advantage over other countries, he highlighted: “A major challenge that confronted us when we wanted to create an export friendly environment was our populist policies. Successful countries in South and Southeast Asia have low budget deficits, low interest rates and competitive exchange rates. This gave those exporters the advantage over ours who have had high interest rates and an overvalued currency because of the excess demand created from a large budget deficit. It’s like asking our exporters to run 110 meters in a 100 meter race.”
He went on to say that attracting FDI’s is also a key aspect towards driving growth and boosting export performance.
“FDI brings in not only the much needed capital but also the markets, technology and know-how. We have introduced a number of initiatives through high priority bilateral trade agreements to leverage market access. The Economic Cooperation Act in India is currently under negotiation and the FTA is in the making with China, while other such bilateral pacts are under consideration as it’s an assessment on the benefits on joining the Trans Pacific Partnership (TPP). All these are done consulting the stake holders and we will be transparent in all our dealings.” The Minister also revealed that the Ministry of Development Strategies and International Trade and the EDB are in the process of finalising an export strategy.
“This will provide a coherent framework for our work in export promotion. This is been done consulting the private sector as well,” he added.
The Minister added that special task forces are in place to improve performance in each of the pillars of the World Bank’s Doing Business Index with the aim of coming to the top 50 in 2-3 years from the current 107th position.
According to him one stop shops in the BOI and Central Clearance unit of the Customs will be fully operational by the end of March next year.
Presidential Export Awards Winners for 2010
Special (Overall) Awards
Sri Lanka Exporter of the year - Akbar Brothers (Pvt) Ltd
Highest Employment Provider in the Export Industry - Orbit Apparel Lanka (Pvt) Ltd
Best Sri Lankan Brand Exporter - Ceylon Biscuits Ltd
Highest Net Foreign Exchange Earner - International Commodity Traders (Pvt) Ltd
The Most Market Diversified Exporter - Loadstar (Pvt) Ltd
Sectoral Awards Winners
Apparel - Omega Line Ltd
Tea - Akbar Brothers (Pvt) Ltd
Rubber and Rubber Based Products - Loadstar (Pvt) Ltd
Diamonds, Gems and Jewellery - Diamond Cutters Ltd
Food and Other Beverages - Ceylon biscuits Ltd
Spices and Allied Products -G.P De Silva and Sons International (Pvt) Ltd
Fish and Fisheries products - Tropic Frozen Foods Pvt Ltd
Coconut and Coconut Based Products -Nestle Lanka PLC
Chemical and Plastic Products -Kailash Metachem (Pvt) Ltd
Ceramic and Mineral Based products -Dankotuwa Porcelain PLC
Giftwear and Lifestyle products -Statesman Hats (Pvt) Ltd
Fruits and Vegetables -Eastern and Allied Agencies Ltd
Toys, Games and Sports -Sri Toys and Educational International (Pvt) Ltd
Base Metal products -Loadstar (Pvt) Ltd
Footwear and Leather Products -D Samson Industries (Pvt) Ltd
Electrical and Electronics Products -Tos Lanka Company (Pvt) Ltd
Ornamental Fish -Aqua Marines International (Pvt) Ltd
Floriculture - Omega Green (Pvt) Ltd
Packaging Materials -Printcare PLC
Printing Stationary -FlexiPrint (Pvt) Ltd
Boat/Ship Building -Colombo Dockyard PLC
Ayurvedic and Health/Personal Care Products -Link Natural Products (Pvt) Ltd
Other Products- Machinery -Buddi Industries
Computer and Related Services -Millennium IT Software (Pvt) Ltd
Construction Services - Sierra Construction (Pvt) Ltd
Health and Wellness Service -Barberyn Reef Hotel (Pvt) Ltd
Ship/Boat Repairing - Colombo Dockyard PLC
Presidential Export Awards Winners for 2011
Special (Overall) Awards
Sri Lanka Exporter of the year - MAS Intimates (Pvt) Ltd
Highest Employment Provider in the Export Industry - MAS Intimates (Pvt) Ltd
Best Sri Lankan Brand Exporter - Renuka Agri Foods PLC
Highest Net Foreign Exchange Earner - MAS intimates (Pvt) Ltd
The Most Market Diversified Exporter - Loadstar (Pvt) Ltd
Sectoral Awards Winners
Apparel - MAS Intimates (Pvt) Ltd
Tea - Akbar Brothers (Pvt) Ltd
Rubber and Rubber Based Products - Loadstar (Pvt) Ltd
Diamonds, Gems and Jewellery - Diamond Cutters Ltd
Food and Other Beverages - Ceylon biscuits Ltd
Spices and Allied Products -G.P De Silva and Sons International (Pvt) Ltd
Fish and Fisheries products - Tropic Frozen Foods Pvt Ltd
Coconut and Coconut Based Products -Renuka Agri Foods PLC
Chemical and Plastic Products -Kailash Metachem (Pvt) Ltd
Ceramic and Mineral Based products -Dankotuwa Porcelain PLC
Giftwear and Lifestyle products -Statesman Hats (Pvt) Ltd
Fruits and Vegetables -HJS Condiments Ltd
Toys, Games and Sports -Sri Toys and Educational International (Pvt) Ltd
Base Metal products -Loadstar (Pvt) Ltd
Footwear and Leather Products -D Samson Industries (Pvt) Ltd
Electrical and Electronics Products -Tos Lanka Company (Pvt) Ltd
Ornamental Fish -Aqua Marines International (Pvt) Ltd
Handloom Products -Kandygs Handloom Exporters Ltd
Floriculture -Serendib Horticulture Technologies Ltd
Printing Stationary -FlexiPrint (Pvt) Ltd
Boat/Ship Building -Colombo Dockyard PLC
Ayurvedic and Health/Personal Care Products -Bio Extracts (Pvt) Ltd
Other Products- Machinery -Buddi Industries
Professional Services - Amba Research Lanka (Pvt) Ltd
Computer and Related Services -Virtusa (Pvt) Ltd
Construction Services - Sunken Overseas (Pvt) Ltd
Health and Wellness Service -Barberyn Reef Hotel (Pvt) Ltd
Ship/Boat Repairing - Colombo Dockyard PLC
Presidential Export Awards Winners for 2012
Special (Overall) Awards
Sri Lanka Exporter of the year - Brandix Apparels Ltd
Highest Employment Provider in the Export Industry - Brandix Apparels Ltd
Best Sri Lankan Brand Exporter - Akbar Brothers (Pvt) Ltd
Highest Net Foreign Exchange Earner
- Brandix Apparels Ltd
The Most Market Diversified Exporter
- Loadstar (Pvt) Ltd
Sectoral Awards Winners
Apparel -Brandix Apparels Ltd
Tea - Akbar Brothers (Pvt) Ltd/ Quick Tea Ltd
Rubber and Rubber Based Products - Loadstar (Pvt) Ltd
Diamonds, Gems and Jewellery - Diamond Cutters Ltd
Food and Other Beverages - Ceylon biscuits Ltd
Spices and Allied Products -Spice of Life (Pvt) Ltd
Fish and Fisheries products - Global Sea Foods (Pvt) Ltd
Coconut and Coconut Based Products -Haycarb PLC
Chemical and Plastic Products -Macksons Paint Industries (Pvt) Ltd
Ceramic and Mineral Based products -Noritake Lanka Porcelain (Pvt) Ltd
Fruits and Vegetables -HJS Condiments Ltd
Toys, Games and Sports -DSL Lanka (Pvt) Ltd
Base Metal products -Loadstar (Pvt) Ltd
Wooden Products - Lispo (Pvt) Ltd
Footwear and Leather Products -D Samson Industries (Pvt) Ltd
Electrical and Electronics Products -Everest Industrial (Pvt) Ltd
Ornamental Fish -Aqua Marines International (Pvt) Ltd
Handloom Products -Kandygs Handloom Exporters Ltd
Floriculture -Hayleys Agriculture Holdings Ltd
Packaging Materials -Piramal Glass Ceylon PLC
Printing Stationary -FlexiPrint (Pvt) Ltd
Boat/Ship Building -Danusha Marine Lanka Exporters (Pvt) Ltd
Ayurvedic and Health/Personal Care Products -Bio Extracts (Pvt) Ltd
Other Products- Machinery -Buddi Industries
Professional Services - Amba Research Lanka (Pvt) Ltd
Computer and Related Services - Millennium IT Software (Pvt) Ltd
Construction Services -Sunken Overseas (Pvt) Ltd
Other Services - Sri Lankan Catering
Presidential Export Award Winners for 2013
Special (Overall) Awards
Sri Lanka Exporter of the year - Brandix Apparels Ltd
Highest Employment Provider in the Export Industry - Brandix Apparels Ltd
Best Sri Lankan Brand Exporter - Akbar Brothers (Pvt) Ltd
Highest Net Foreign Exchange Earner - Brandix Apparels Ltd
The Most Market Diversified Exporter - Loadstar (Pvt) Ltd
Sectoral Awards Winners
Apparel -Brandix Apparels Ltd
Tea - Akbar Brothers (Pvt) Ltd/ Quick Tea Ltd
Rubber and Rubber Based Products - Loadstar (Pvt) Ltd
Diamonds, Gems and Jewellery - Diamond Cutters Ltd
Food and Other Beverages - Ceylon Biscuits Ltd
Spices and Allied Products -Spice of Life (Pvt) Ltd
Fish and Fisheries products - Global Sea Foods (Pvt) Ltd
Coconut and Coconut Based Products -Nestle Lanka Plc
Ceramic and Mineral Based products -Noritake Lanka Porcelain (Pvt) Ltd
Fruits and Vegetables -HJS Condiments Ltd
Toys, Games and Sports -DSL Lanka (Pvt) Ltd
Base Metal products - S R Metals
Footwear and Leather Products -D Samson Industries (Pvt) Ltd
Electrical and Electronics Products -Everest Industrial (Pvt) Ltd
Ornamental Fish -Aqua Marines International (Pvt) Ltd
Handloom Products -Kandygs Handloom Exporters Ltd
Floriculture - Green Goddess Ltd
Packaging Materials - Wilkins Spence Packaging Ltd
Printing Stationary -Flexi Print (Pvt) Ltd
Boat/Ship Building - Neil Fernando & Company Ltd
Ayurvedic and Health/Personal Care Products - Link Natural Products Ltd
Computer & Related Services - Virtusa Ltd
Construction Services -Sunken Overseas (Pvt) Ltd
Other Services - SriLankan Catering
