TEA welcomes economic reforms in budget

In a media statement, the Tea Exporters Association (TEA) yesterday welcomed the government’s budget for 2018 especially the proposals for trade reforms presented to the parliament by Finance Minister Mangala Samaraweera last week.

Following is the full statement.

The proposals under the theme of “Enterprise Sri Lanka” to reform the existing trade regulations are in the right direction to enhance the competitiveness of local industries and service sector.

The budget proposals are focused on economic sustainability and promoting investment by introducing many reforms to all key sectors such as agriculture, industries, tourism, IT, trade, research etc. The entrepreneurs of the country need to face the challenges of globalization without further delay. The revision of certain trade regulations was long overdue in relation to the open economic policies of the government.

TEA always believes that Sri Lanka has a huge potential to develop as a trading hub in the region due to its strategic location. The proposal to liberalize the shipping and logistic sector is very much appreciated as it would help exporters to get more competitive shipping rates that would enhance its competitiveness to foreign buyers. TEA also welcome the proposed Export Market Access Support scheme for companies whose turnover is less than US $ 10 million per annum. The recommendation for product development and facilitation of trade information will also support the growth of the export sector.

The proposal to set up a dedicated unit at the Ministry of Finance to monitor the implementation of budget proposals would be appreciated by everybody as follow up on the implementation of proposals is important to achieve the objectives of the budget.

The government initiative to protect the environment and recommendations for a green Sri Lanka in the coming years is also in line with the new international trade and consumer trends.