TEA praises 2016 National Budget

The first budget of the new unity Government presented to the Parliament on the 20th by Hon. Ravi Karunanayake, Minister of Finance receives a warm welcome by the Tea Exporters Association, the Apex Private Sector body for the tea export community, in the country.

2016 Budget is one of the most pragmatic, developmentoriented budgets presented in the recent past. The Association endorses the government policies outlined in the budget proposal as timely to improve economic strength of the country through enhancing local competitiveness, promotion of investment and international trade. It also praises the government for providing a number of relief measures to the masses by reducing prices of essential items. The improving of tax administration,aiming at increasing the government revenue while granting concessions too are hailed by the Association.

TEA is happy that budget proposals address a number of concerns of the Export community. The proposal to appoint a high level body to take policy decisions and clear bottlenecks for successful implementation of export strategies is an important step in the right direction for promotion of external trade. The proposed Export – Import bank (EXIM bank) would certainly fulfill a long felt need in export financing requirements of the country. The Association also welcomes the restructuring of EDB, SLECIC and Commercial sections of Sri Lanka Missions abroad to support the export drive of the country.

TEA hails the government initiative to deviate from previous economic policies and align with fundamentals of the world economy. The recognition of global market opportunities and simplifying taxes to attract investments and focus on private sector driven development strategies are important steps for expansion of economic growth of the country.

Tea Exporters Association