A new initiative to promote 100% Sri Lankan-owned brands, where entrepreneurs are encouraged to develop and promote creative, innovative, high value-added products under a Sri Lankan home-grown brand name to the international market was launched under the EDB’s National Export Brands Development Program 2021-2024.
The assistance is extended in the form of a 50% matching grant from the funds allocated under the National Budget 2021. Approximately Rs. 14 million, which represents a 20% cash advance from approved grants subject to a limit, was distributed among 13 companies by Trade Minister Bandula Gunawardene recently.
The beneficiaries were chosen under the EDB assistance programs on National Export Brand Development, New Exporter Development, and Market Access Support.
As part of the EDB’s New Exporter Development Program, cash grants of Rs. 5 million were presented to 10 companies (Rs.500,000 each) which were selected as winners during a market-pitching program, which was held last December as the final stage of a SME coaching program on accessing the export market. The winners were selected by an external evaluation panel after assessing the export marketing plans that were presented by the SME participants. They were also presented certificates.
Under the Market Access Support program, financial assistance was extended on a cost-sharing basis towards procurement of machinery, setting up of quarantine facilities, quality improvement, capacity development and market development activities, etc. to enterprises interested in expanding their markets, increasing market access, enhancing value-addition, improving productivity, encouraging Sri Lankan home grown brands, conformity to international quality, environmental and other standards, upgrading technology and improving competitiveness. Over 110 companies benefited receiving Rs. 192.7 million in total under this program from 2018 to 2021. Of that cheques to the value of Rs. 5.9 million were presented to five selected companies at this event.