A meeting was held between the members of Chamber of Mineral Exporters (CME) and the Export Development Board (EDB) recently to foster growth in Sri Lanka’s mineral sector.
It was chaired by Chairman and CEO of EDB, Dr. Kingsley Bernard.
The CME was represented by its Chairman, Amila Jayasinghe, Vice Chairman A. F. M. Farook, Secretary Dr. Sandun Dalpatadu, Treasurer Mohammed Yaasir and ExCo Member Jaliya Gunasena.
During the meeting, the members of the Chamber of Mineral Exporters called for Government support in research and development to revising royalty systems grounded in pithead value, in line with international norms and a 300% tax rebate for research and development activities in collaboration with Sri Lankan educational institutions.
The members of the CME emphasised the necessity for a fair and equitable approach to royalty calculations to ease the financial burden on mining entities.
The stakeholders called on the government to foster foreign investments and proposed the state to conduct a comprehensive ore reserves study to maintain transparency and informed decision-making within the industry.
They also outlined the importance of securing international accreditation for the Geological Survey and Mines Bureau laboratory in collaboration with the Sri Lanka Standards Institution to enhance global credibility.
The members outlined the untapped potential of numerous pocket mines in Sri Lanka, advocating the development of support industries equipped with state-of-the-art technology. The members of CME urged the Government to consider duty waivers for the import of new technology and pertinent spare parts to foster innovation and elevate the sector to international standards.
A recurring theme was the call for a continuous forum involving policy makers and industry stakeholders, to facilitate practical discussions and foster innovative solutions to on-ground challenges.
There was an appeal for Government intervention to bring these groundbreaking proposals to fruition, laying the foundation for a collaborative and prosperous future for Sri Lanka’s mineral export industry.
