The Export Development Board (EDB) commended the measures proposed in the 2025 Budget to boost export revenue this year and the years ahead.
In a media communiqué released after the Budget last week the EDB commended the following proposals:
National Export Development Plan
– Formulate the National Export Development Plan (2025-2029).
– MSMES will be facilitated to tap new export markets, expand existing markets or to connect in the value chains of large-scale exporters and global value chains.
National Tariff policy
– New tariff rates will be based on a National Tariff policy to create a simple, transparent and predictable tariff framework.
Trade Agreements and Economic Diplomacy
– Greater economic ties with ASEAN nations will be expanded through the Regional Comprehensive Economic Partnership (RCEP).
– Enhanced focus on economic diplomacy with dedicated and more professionalised efforts by Sri Lanka’s diplomatic missions.
Leverage of Sri Lankan expatriates
Expatriates will be leveraged for commercial activities.
Trade National Single Window (TNSW)
Key border agencies and exporter registration will be automated and integrated through implementation of the Trade National Single Window (TNSW).
Custom & Tax policies
– Introduction of a new Customs Law
Double Taxation Avoidance Agreements (DTAs) will be expanded beyond the existing 44 DTAs with priority given to countries with high trade and investment potential.
Export-oriented investment promotion
– Expansion of export-oriented investment, sector-specific zones.
– Establishing eco-industrial parks which focus on sustainable practices, resource management, and green technology through Public Private Partnership (PPPs) and privately run zones.
Investment facilitation acts and bills
– Revisit the Economic Transformation Act with appropriate revisions to suit the emerging developments.
– Lease out under-utilised state-owned land for productive economic activities.
– Enactment of the Investment Protection Bill.
– Improvements in the country’s ease of doing business will be prioritised in key areas such as registering property, ease of paying taxes, trade facilitation, enforcement of contracts, and obtaining credit.
– Introduce measures for digitisation of public services.
– Introduce laws to ensure effective implementation of the one stop-shop concept which consolidates all necessary approvals.
