Wednesday Nov 13, 2024
Wednesday Nov 13, 2024
Wednesday, 6 September 2023 04:15 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers at its meeting on Monday gave its go-ahead to amend the Export Agriculture Promotion Act in line with contemporary needs.
The Export Agriculture Promotion Act No. 46 of 1992 has played a pivotal role in regulating and promoting the export agriculture sector in Sri Lanka for several decades. However, as the agricultural and export sectors have undergone significant changes over the years, it has become evident that amendments to the existing legislation are necessary to align it with current needs and challenges. “The export sector remains a vital contributor to the economy. The proposed amendments to the Export Agriculture Promotion Act are expected to play a crucial role in enhancing the competitiveness and sustainability of this sector, ultimately benefiting both producers and the country as a whole,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.
He outlined, boosting exports, increasing foreign exchange inflows, managing foreign currency outflows and prudent public finance management are key factors in overcoming the economic crisis that the country is grappling with.
The decision to instruct the Legal Draftsman to prepare a draft Bill for amending the Act put forth by the Plantation Industries Minister Dr. Ramesh Pathirana was approved by the Cabinet of Ministers.
