The European Union’s Generalized Scheme of Preferences Plus tax concessions to Sri Lanka will continue until 2023, Minister of Industry, Export, Investment Promotion, Tourism and Aviation, Prasanna Ranatunga has said.
Minister Rantunga made this claim following a meeting with Thorsten Bargfrede, Head of Political, Trade and Communications Section of the Delegation of the European Union to Sri Lanka and Maldives and EU representatives Sunday at the Ministry.
At the meeting, the EU official has assured that the GSP+ concession will continue until 2023 and there would be no change to the related observation process.
During the discussion, the Minister pointed out that GSP+ tax concession is mostly granted to the garment industry in the country and 60 percent of Sri Lanka’s garment exports go to EU member countries.
Minister Ranatunga observed that the garment industry represents about 43% of the country’s total exports and earns around five billion US dollars to the country annually.
He said the apparel industry is a major industry and thanked the EU nations for their support in that regard.
Noting that EU investors were keening on investing in Sri Lanka, Bargfrede requested for a resumption of flight services by the SriLankan Airlines to EU countries. The Minister replied that the matter was already under consideration.
Secretary to the Ministry of Industrial Export and Investment Promotion Mapa Pathirana and Secretary to the Ministry of Tourism and Aviation Mrs. Marina Mohammed were also present at the discussion.
Courtesy: Colombo Page
