NCE anticipates economic stability under new PM’s leadership

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The National Chamber of Exporters of Sri Lanka (NCE), while sending their well wishes to the newly appointed Prime Minister, stated that the exporter fraternity expects an immediate introduction of a system of reforms for economic recovery under his leadership.

“It is the utmost duty of the new regime to stabilise the socio-economic and political system of the country which is in a dire state,” the Chamber said in a statement. 

“Despite a set target to reach US$ 20 billion export revenue in 2022, the Government has failed to maintain a regular supply of power and energy, completely disrupting the production process of this country. Moreover, lack of foreign currency has further distressed Sri Lankan Exporters who are facing extreme difficulties to continue with their daily operation.

“Exports are vital, as it is the only sector currently bringing the much needed foreign currency, without which the country will further plummet economically. Hence supporting to sustain exports is mandatory. Sri Lanka’s export industry has recently called on the Government several times in the past to resort to course correction on the multiple internal crises in forex, fuel and power to salvage the only steady inflow of the $ 15 billion exchange annually.

“A robust policy will definitely encourage and motivate exporters in expanding the international market share through continuous research and development, investment and exploiting new markets. We expect the new Prime Minister to activate the National Exports Strategy (NES) of Sri Lanka, which was introduced under his leadership, in alliance with the National Trade Policy.

“The NCE is in the process of formulating a set of proposals in consultation with its Members, identifying short and medium term requirements to support exports which will be presented to the Prime Minister in the very near future,” the statement concluded.