Extension of GSP Plus to woo more FDI, increase fish exports | Daily News


Extension of GSP Plus to woo more FDI, increase fish exports

Minister Douglas Devananda
Minister Douglas Devananda

Extending of the GSP Plus concession to Sri Lanka until 2023, would not only increase fish exports to the European Union, but would also help woo more Foreign Direct Investments, said Minister of Fisheries and Aquatic Resources Development Douglas Devananda.

Speaking to the ‘Daily News’ at the Lake House Board room after celebrating the anniversary of the publication of ‘Oruwella,’ a joint publication with the Ministry, Dinamina and the Thinakaran, he said that many EU investors would be at present keen to invest in boat building and fish processing industries.

The Minister said that he would visit the Oluvil Harbour which is now closed due to Sand dunes depositing at the entrance and take measure to reopen it. Devananda said that it had an abandoned high tech Fish Processing Plant built to international stamards and it must be activated as it could be used to export processed fish, which could be a major foreign exchange earner to the country.

Secretary General /CEO of the National Chamber of Exporters of Sri Lanka, Shiham Marikar, said that the extension of EU concessions would largely help apparel exports and bring in more revenue. He stressed the need for Sri Lankan exporters to invest more in research and development to enhance value addition and adopt sustainable and ethical practices in product manufacturing to cater to the international market.

“We at the National Chamber of Exporters of Sri Lanka, have always been encouraging our members to enhance the value in exports and invest heavily in R &D, to better garner more economic benefits,” Marikar said.

Acknowledging that the local apparel industry has performed well with a satisfactory growth last year, owing to its ability to manufacture world class premium products, Marikar added that Sri Lanka’s apparel exports are designated to be more niche and fashion-oriented markets.

“As a result, these foreign buyers would always opt to purchase Sri Lanka made products even if the GSP plus tax concession for Sri Lanka is withdrawn.

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