Small and Medium Enterprises (SME) support has been requested, according to sources in the Industries Ministry. According to Ministry sources, “SME industrialists have sought to be given money to open LC’s, support to import raw materials, tax discounts and lending facilities.”
Similarly, Industries Minister Dr. Ramesh Pathirana has provided a resolution for awarding tax reductions on imports by local garment manufacturing equipment or appliances, according to Cabinet Spokesman for the Media Minister Dr. Bandula Gunawardane, who spoke to media on Tuesday (3).
At the weekly Cabinet media conference, Minister Gunawardane addressed the press and said that, despite the COVID-19 epidemic, the clothing industry now generates the majority of Sri Lanka’s foreign exchange earnings.
Unfortunately, due to raw material price increases and the country’s current unfavorable economic situation, local garment producers are forced to cope with a variety of obstacles when importing appliances essential for garment manufacturing that are not manufactured locally.
In order to address the current situation, the Cabinet of Ministers approved the Industries Minister’s proposal to give tariff discounts on imports of machinery, appliances, or other products not created locally and falling under 19 Harmonized System (HS) codes.
