Cabinet approval has been requested to provide assistance to Small and Medium Enterprises (SME), Industries Ministry sources said. “SME industrialists have requested to provide them dollars to open LC’s, assistance to import raw materials, tax concessions and loan facilities,”Ministry sources said.
Meanwhile, Cabinet Spokesman Mass Media Minister Dr. Bandula Gunawardane told reporters on Tuesday (3) that a resolution has been furnished by Industries Minister Dr. Ramesh Pathirana for granting duty concessions on imports by local garment manufacturing equipment or appliances.
Speaking to the media at the weekly Cabinet media briefing, Minister Gunawardane said that the granting of duty concessions to the garment industry has become one of the main sectors earning foreign exchange to Sri Lanka even amidst COVID-19 pandemic circumstances.
However, due to the price hike of raw materials and the prevailing unfavourable economic environment experienced in the country, local garment manufacturers are compelled to deal with a number of challenges when importing appliances required for garment manufacturing that are not produced locally.
Accordingly, the Cabinet of Ministers granted approval to the proposal made by the Industries Minister to grant duty concessions on imports by local garment manufacturing equipment or appliances or items not manufactured locally and coming under 19 harmonized system (HS) codes; as a remedy to the prevailing situation.