PM announces five-year debt relief for SMEs

by Irangika Range in Kandy

The Government has decided to grant a five-year debt relief to the Small and Medium sector (SMEs). Prime Minister Mahinda Rajapakse has initiated this project.

The SME sector utilises 75 percent of local raw materials in their manufacturing process and this sector should be assisted," said Prime Minister Mahinda Rajapakse at the opening ceremony of the new Export Development Board (EDB) office in Kandy on Monday.

The Premier said that Export Development Board office (EDB) has provided incentives for the betterment of this sector.

"We have understood the value of shifting administrative centers from Colombo to outstations. This would lead to a better and speedy service to those who are engaged in the industry," he said. It is for this purpose that a new EDB office was established in Kandy, which would sponsor numerous events.

Minister of Advanced Technology and National Enterprise Development, Rohitha Bogollagama said in accordance with the fundamental policies of the alliance Government of developing the export sector, the Government has already exceeded at the time its target of total export income Rs. 6 billion in this year. It will achieve Rs. 6.3 billion in export earnings by end of this year.

The EDB office in Kandy, will strengthen the entrepreneurial activities for export in the province. The center is equipped with state of the art facilities of international standards as a one stop shop including Sri Lanka Standards Institute, National Gem and Jewellery Authority, Gem and Jewellery Research and Training Institute, SME bank and the Serendib Exhibition Center.

On a request made by the Kandy Chamber of Commerce they have set up the Serendib Exhibition Center to exhibit local products nationally and internationally.

The Ministry is also expecting to implement a number of export-focused strategies in association with the University of Peradeniya.