Sri Lanka exporters to get incentives next month

July 21, 2009 (LBO) – Over 200 Sri Lankan firms have qualified for a government export incentive scheme the first payments of which are expected next month, but many claims have been rejected owing to errors in applications, officials said. “It is a reward to direct exporters in manufacturing processing industries who have survived the crisis with own marketing skills, entering new markets – people are being rewarded for being innovative and proactive.”

To be eligible, exporters should have maintained a minimum of 80 percent of exports in the first quarter of 2008, in the first quarter of 2009.

They will be given a reward of five percent of the export proceeds.

Exporters who earn less than 90 percent but at least 80 percent of the earnings in the same period last year are entitled to a reward of three percent of export earnings.

For the next three quarters of 2009, exporter should be able to maintain a minimum of 90 percent of exports done in the corresponding quarters of 2008 to qualify for the scheme.

Exporters are also expected to have maintained the same levels of employment they had in September 2008, to fulfill one of the government’s key objectives of preventing lay-offs owing to the economic crisis.

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