Immediate reforms to increase exports expected from RW as new President: NCE

The country’s export community yesterday said they are expecting a series of changes for the better in the business environment and are anticipating economic stability under the leadership of newly elected President Ranil Wickremesinghe. 

While extending wishes to the new President, the National Chamber of Exporters (NCE) said the exporter fraternity expects an immediate introduction of a system of reforms for economic recovery. 

 “It is the utmost duty of the newly elected President to stabilise the socio-economic and political system of the country which is in a dire state. Forming an all-party national government as voiced out by the common people, and appointing a Cabinet with competent individuals to meet the challenges with prudential policies will help to recover our crumbling economy,” said the NCE in a statement to the media yesterday. 

It added that the interim government must take all steps to prevent corruption, wastage and mismanagement from all sides. 

The chamber pointed out that despite a set target to reach US$ 20 billion export revenue in 2022, as of today the previous rulers have failed to maintain a regular supply of power and energy, completely disrupting the production process.  

Moreover, the lack of foreign currency has further distressed Sri Lankan exporters who are facing extreme difficulties to continue with their daily operation. 

“The government must ensure the entire system is resurrected, supported and strengthened within a short period of time to guarantee important functions are carried out without any interruptions which include Customs, Ports and Public Transport, among others,” the NCE said. 

The chamber also renewed its call to activate the National Exports Strategy (NES) of Sri Lanka and The Export Development Council of Ministers in alliance with the National Trade Policy as exports are vital to restore the economy. 

The NCE went on to state that managing the shortage of foreign exchange within the shortest possible time and restoring the supply of goods and services has to become the priority.

In order to bring solutions, it is vital to complete crucial talks with the International Monetary Fund for a bailout programme and to prepare for a predicted food crisis with the World Food Programme, it suggested.