Duty concessions for import of advanced machinery

by Anjana Samarasinghe

The Ministry of Advanced Technology and National Enterprise Development expects to implement the scheme for granting duty concessions for import of new advanced machinery which was announced in the year 2005 Budget proposals.

The Ministry also appointed a committee to sort out criteria of machinery which are entitled to duty concessions. Minister of Advanced Technology and National Enterprise Development Rohitha Bogollagama said the need to be competitive in global market has been highlighted for a period of time . But the tools through which we can become competitive has been absent equally for a period of time.

It is in that context that the budget for 2005 in which we could embark on a regime of encouraging the use of machinery and tools where the productivity can be improved and the quality development can take place.

Using advanced machinery and equipment in the manufacturing process will help to produce international standard products. This will also enable Sri Lankan products to enter into international market he said.