EDB provides financial assistance to potential and existing exporters – Adaderana Biz
Minister of Commerce, Hon. Bandula Gunawardhana presented checks and certificates to potential and existing exporters who have been selected as beneficiaries under several EDB-led assistance programs on 28and January 2022, at a reception held at the JAIC Hilton Hotel. The beneficiaries were selected under EDB’s assistance programs on national export brand development, new exporter development and market access support.
Addressing the event, the Minister thanked EDB officials for their commitment and dedication to enable exports to register an impressive recovery in 2021 and underlined that the whole country should become a zone of export for the country to achieve economic prosperity. He wished the beneficiary companies every success in their endeavours.
National Export Brand Development Program 2021-24
Under EDB’s National Export Brand Development Program 2021-2024, a new initiative to promote 100% Sri Lankan-owned brands, entrepreneurs are encouraged to develop and promote creative products , innovative and high added value under a local Sri Lankan brand. to the international market. The aid is extended in the form of a matching grant of 50% of the funds allocated under the 2021 national budget. A total sum of around Rs. 14 million, which was 20% cash advance on Grants approved subject to maximum aid, were distributed among 13 companies by the Minister at the event.
New Exporter Development Program
In addition, under EDB’s New Exporter Development Scheme, Rs. winners during a market presentation program, which was held last December as the last stage of a support program for SMEs on access to the export market. The winners were selected by an external judging committee after evaluating the export marketing plans that were submitted by the participating SMEs.
Market Access Support Program
Under the Market Access Support Programme, financial assistance was provided on a cost-sharing basis for the purchase of machinery, the establishment of quarantine facilities, the improvement quality, capacity development and market development activities, etc. businesses wishing to expand their markets, increase market access, increase value addition, improve productivity, encourage local Sri Lankan brands, compliance with international quality, environmental and other standards, upgrade technology and improve competitiveness. 111 companies benefited from an amount of Rs. 192.7 million under this program from 2018 to 2021. Out of these checks worth Rs. 5.9 million were given to the 5 companies selected during this event.
The event was graced by EDB Chairman, Suresh D de Mel, EDB Director General, Chitranjali Dissanayake, and officials from the Ministry of Commerce and EDB.