NCE commends Budget 2025 for holistic approach to boost exports, economy

The National Chamber of Exporters of Sri Lanka (NCE) yesterday commended the Government on the presentation of the National Budget 2025. 

“The NCE appreciates the Government’s effort to present a Budget that approaches national development from multiple perspectives while providing a comprehensive road map for the country’s economic growth,” NCE said in a statement.

The statement also said the following.

As the leading chamber representing the exporters of Sri Lanka, the NCE is proud to have contributed to this process by submitting various proposals related to trade and exports. We are pleased that several of our recommendations have been adopted and incorporated into the National Budget, reflecting the Government’s recognition of the vital role that exports play in driving economic progress.

One of the highlights of the Budget is the introduction of the National Export Development Plan (2025-2029), which aligns closely with the NCE’s objectives of enhancing export capacity and broadening market access. This strategic plan promises to elevate Sri Lanka’s export competitiveness on a global scale.

The NCE also welcomes the Government’s commitment to supporting Micro, Small, and Medium Enterprises (MSMEs) by facilitating their access to new and expanded markets. This initiative is critical for strengthening the export sector and enabling smaller businesses to contribute meaningfully to the national economy. Similarly, the simplification of tariff rates through tariff reforms will improve predictability, enhancing the overall trade environment.

The emphasis on Free Trade Agreements (FTAs) and economic diplomacy in the Budget is another significant step forward. Strengthened trade agreements and global relations will provide Sri Lankan exporters with better access to international markets. Furthermore, the Government’s focus on automating border agencies and reforming customs laws will ensure smoother export processes, while the introduction of measures to reduce double taxation will facilitate cross-border trade.

Sustainable development has also been prioritised in the Budget, with measures to encourage export-oriented investments and the establishment of eco-industrial parks. The financial and technical support for exporters to obtain quality certifications is a notable inclusion that will help improve the global competitiveness of Sri Lankan products.

Digital transformation has been given due importance, with initiatives aimed at enhancing trade facilitation processes and improving the ease of doing business. The development of a National Single Window system and the introduction of Sri Lanka Unique Digital Identification (SL-UDI) are expected to streamline trade transactions and simplify business registrations. Additionally, the government’s commitment to cyber security and data protection will bolster international trade confidence.

The NCE is particularly pleased with the measures to expand port and terminal capacities and modernise logistics infrastructure. Infrastructure projects such as the Colombo West Terminal and improvements in rail transport for agricultural and export goods will enhance the efficiency of export logistics. The focus on renewable energy and competitive energy costs for export industries will further strengthen the sector by reducing operational expenses.

Agricultural exports have also received a boost, with targeted measures to increase coconut production, expand value-added spice exports, and promote Sri Lankan agricultural products in international markets. Similarly, the establishment of a chemical manufacturing industrial zone and the promotion of automobile and rubber product exports demonstrate the Government’s commitment to fostering industrial growth.

The inclusion of initiatives such as co-financing for research and development, commercialisation of research findings, and trademark protection through the Madrid Protocol will foster innovation and intellectual property protection. Moreover, the creation of a development bank for SMEs and the provision of ESG financing will attract sustainable investments and empower businesses to adopt green technologies.

The Government’s efforts to liberalise vehicle imports and improve tax policy reforms are also commendable, as these measures will stimulate local industries and generate broader economic benefits. Additionally, the focus on anti-corruption initiatives reflects a commitment to creating a transparent and business-friendly environment.

In conclusion, the NCE applauds the Government’s holistic approach in addressing the diverse needs of the export sector through the National Budget 2025. These initiatives are a testament to the Government’s commitment to fostering economic resilience and positioning Sri Lanka as a competitive player in the global trade arena.

The NCE emphasised the importance of the timely implementation of these proposals to ensure their intended impact is realised. As the apex body representing exporters, the NCE is fully committed to playing a proactive and supportive role in this process, working closely with the government and other stakeholders to ensure the successful execution of these measures for the benefit of Sri Lanka’s economy.