NCE commends budget; says it’s a holistic approach to boost economic growth

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

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. 

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 prioritized in the budget, with measures to encourage export-oriented investments and the establishment of eco-industrial parks. The 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 cybersecurity and data protection will bolster international trade confidence.

The NCE is particularly pleased with the measures to expand port and terminal capacities and modernize 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. 

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 liberalize 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.