Rs. 551 m for exporters:

EDRS rewards 25 companies

The Export Development Reward Scheme (EDRS) which rewards exporters was launched yesterday. Rewards worth Rs 551 million were distributed among 25 companies under the first phase of the scheme, said Secretary, Ministry of Investment Promotion and International Trade S. Runnuge.

"We received 250 applications for the first quarter of which 97 were rejected as it did not meet the basic criteria. One-hundred-and-fifty-three applications are being evaluated at present," he said.

Parliament has approved Rs. 8 billion for EDRS. This is in addition to the Rs. 1 billion allocated in the 2009 Budget to provide incentives to exporters to seek new markets and increase orders in the markets. The export community in Sri Lanka has hailed the EDRS as it recognizes their contribution to the country.

The closing date for applications for the first quarter was August 17.

SJ