The restoration of the GSP+ trade concession will boost Sri Lanka’s fish export industry, Fisheries and Aquatic Resources Minister Mahinda Amaraweera said.
“The cancellation of the GSP+ facility to Sri Lanka saw a shortfall in the income based on fish export during the last few years,” Amaraweera said.
The minister said since the targeted national income was not achieved, the government was compelled to cut down financial allocations for development projects.
“International organizations are looking at Sri Lanka from a different angle thanks to the present government,” Minister Amaraweera said.
The GSP+ trade concession offers much to the fish export industry as much as it does to the apparel industry, he said.
Minister Amaraweera also pointed out that with the GSP+ trade concession, a 15 percent tax concession is to be applied to Sri Lanka’s fish export industry, with which Sri Lanka will see a significant rise in the national income.
Sri Lanka exported 13,932 metric tons of fish generating an income of Rs. 21,539 million. European Union countries purchased 1,817 metric tons of the total exported stock.
Tuna fish exports were 7,113 metric tons in 2016, of which 1,216 metric tons were purchased by EU countries.
Minister Amaraweera said with the 15 percent tax concession, Sri Lanka will be able to export more fish to the EU markets.