The Export Development Board (EDB), under a new three-year program, is stepping up efforts to encourage Sri Lankan entrepreneurs to develop and promote home-grown brands in the international market. The EDB has therefore introduced the National Export Brands Development Program 2021-2024, a financial assistance scheme for 100% Sri Lankan-owned brands. The initiative intends to encourage Sri Lankan entrepreneurs to develop and promote creative, innovative, high value-added products for the international market.
Under this scheme, two categories have been identified, such as established export companies and export-ready companies.
Exporters, having an established brand and previous branding experiences in international markets, with established supply chain and adequate infrastructure, with over three-years of export experience, are eligible for a 50% matching grant up to a maximum of Rs. 10 million annually for a period of three-years and will be considered on reimbursement basis.
Companies, having a strong local brand presence, solid local supply chain, adequate resources and infrastructure, with commitment towards entering the export market, are eligible to a 50% matching grant up to a maximum of Rs. 5 million per year for three years and will be considered on reimbursement basis.
The EDB said building strong home-grown brands with a value-added portfolio and differentiated products and services in overseas markets would play a crucial role in the post-pandemic trading environment.
Keeping in line with the Government’s policy framework ‘Vistas of Prosperity and Splendour,’ strengthening local enterprises and establishing Sri Lanka as a global innovation hub has been identified as a key development strategy to achieving economic prosperity.
The EDB believes Sri Lanka needs to develop a strong export sector to stabilise the economy by increasing foreign exchange earnings, particularly to face the challenging and uncertain times with the COVID-19 pandemic.
Prospective companies are invited to submit their applications on or before 13 August.
(FT)