Special awards at NCE Export Awards Ceremony

The National Chamber of Exporters (NCE) has introduced a number of special awards to be given away to exporters at the 21st Annual NCE Export Awards Ceremony scheduled to be held on September 20 at the Hilton Colombo.

These awards which are in addition to the usual sectoral awards, aims to recognize the special efforts of exporters in the international market place. The Chamber has placed special emphasis on efforts at innovation made by Sri Lankan exporters, since it has become the most important measure of the ability of Sri Lankan exporters to compete in the international market place. The other special Awards that have been introduced are for the Best Performing Exporter in Emerging Markets, in recognition of the need to diversify export markets and for the ‘Most Outstanding SME Exporter’, in recognition of the vital contribution made by SME exporters to the economy.These Awards are in addition to the current special awards for the ‘Most Value Added Exporter’, the ‘Best Brand Exporter’, and the ‘Best Woman Exporter’.

As said in the Sri Lanka: Emerging Wonder of Asia Document, “Sri Lankans successful integration with the global economy and it’s sustained success in international competition will depend increasingly on the effective combination of Science, Technology and Innovation.” The Hi-tech Exports of a country are a significant measure of its ability to innovate and commercialize scientific findings effectively.

In this context while Sri Lanka has recorded an average of 1.8% share of Hi-tech exports each year during the last decade, Korea has achieved 75%, Thailand 27% and Singapore and Malaysia 50%. The performance of Sri Lanka has been even lower than her neighboring countries India and Pakistan. This is a direct result of the very low level of national investment in R & D, and efforts related to innovation. The priority given by the state to R & D, and to incentives innovation was reflected in the budget of 2012, where a range of tax incentives were announced including reduction of tax arising out of income from R &D activities to 16%; reduction in personal income tax of those engaged in R & D from 24% to 16%, and reduction in income tax on Institutions engaged in R & D to 20% as well as exemption from VAT.

Further, triple deduction of R & D expenditure undertaken by enterprises through Government Institutions was allowed. This facility was further extended in the budget proposals for 2013 to include R & D undertaken through Private Institutions as well.

With a view to making a promising start to encourage exporters to undertake innovation related to Products, Processes and Markets, the Chamber will select the three best exporters who have made efforts at innovation during 2012 by awarding Gold, Silver and Bronze Trophies. Associated Newspapers is the official print media for the event