Home » CME urges govt to consider duty waivers for import of new technology

CME urges govt to consider duty waivers for import of new technology

by malinga
September 20, 2023 1:05 am 0 comment

Chamber of Mineral Exporters (CME) stakeholders advised the government to foster foreign investments and proposed the state to conduct a comprehensive ore reserves study to maintain transparency and informed decision-making within the industry.

They also proposed the importance of securing international accreditation for the Geological Survey AND Mines Bureau laboratory in collaboration with the Sri Lanka Standards Institution to enhance global credibility. CME, which met the Export Development Board chaired by Chairman Dr. Kingsley Bernard, emphasized on the untapped potential of numerous pocket mines in Sri Lanka, advocating for the development of support industries equipped with state-of-the-art technology. During the meeting, the members of the Chamber of Mineral Exporters insisted on governmental support in research and development to revise royalty systems grounded in pithead value, in line with international norms.

A significant proposal brought forth was a request for a 300% tax rebate for research and development activities in collaboration with Sri Lankan educational institutions. Additionally, the members of the CME emphasized the necessity for a fair and equitable approach to royalty calculations to ease the financial burden on mining entities. The members of CME urged the government to consider duty waivers for the import of new technology and pertinent spare parts to foster innovation and elevate the sector to international standards. A recurring theme was the call for a continuous forum involving policy makers and industry stakeholders, to facilitate practical discussions and foster innovative solutions to on-ground challenges. The request of the members of the Chamber of Mineral Exporters is the government intervention to bring these groundbreaking proposals to fruition, laying the foundation for a collaborative and prosperous future for Sri Lanka’s mineral export industry.

EDB said that value addition too was important to create higher-value exports, generate more employment opportunities and contribute to the country’s economic growth.

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