As Sri Lanka’s trade deficit continues to widen, the theme for rapid economic development for the next decade will be focused on exports.
In a bid to encourage setting up of new export business, foreign investors will be given the opportunity to invest in to this sector. Also new laws will be in enacted to allow small business to have easy access to funding. The Vista Capital Group is the process of setting up a Micro Finance and Hire Purchase Company to further this cause.
Exporting products in its raw from may be the easiest, but what it typically does is cause faster depletion of our own natural resources, and gives room for other nations to maximize profits which instead could be derived by srilanka.
This budget for 2015 encourages businesses engaging in exports to look to value add.
For example, in Cinnamon, Sri Lanka still exports the spice in its raw form, but an effort to simply give it better packaging or even convert it into powdered form will fetch higher prices than exporting it in quill form. Also concerning mineral sands such as ilmanite and dolomite for example the government will now be encouraging some sought of value addition prior to export in its raw form.
The budget has also opened up Srilanka to import foreign raw material for example foreign origin tea and engage in blending and value addition for export. A separate zone will be set up for this purpose.
Food and Beverages
Garments
Wood Industry
Gems and Jewellery
Information Technology
