The Business Chamber of Commerce (BCC), the Colombo North based TPO (trade promotion organization), fully supports the fresh endeavour made by the government to promote the growth and diversification of the country’s exports.
A significant boost to such endeavour follows the restoration of GSP+ which will certainly help increase export revenue by at least US$ 800 million annually. This is a conservative estimate since exports of garments alone are expected to generate US$ 500 million.
We could just visualise how much this nation lost in terms of foreign exchange earnings as a result of not having the GSP+ advantage since 2010, the Chamber says.
The Chamber believes that GSP+ will not only boost our exports, but will also make a substantial contribution to the Gross National Product.
The EU nations like the UK, France and Germany form the core component of the overall export market for Sri Lanka.
Besides this, the entirety of the EU is a means of Sri Lanka achieving deeper integration with affluent markets which is a vital element of external trade, besides foreign investment.
With regard to direct foreign investment, Sri Lanka is quite a way behind targets and the withdrawal of GSP+ and the perception of the ease with which business could be conducted in this country remains major constraints.
However, the current administration, despite political hiccups, did conduct strenuous campaign to regain GSP+. This is a commendable achievement.
The Business Chamber of Commerce is gearing itself to support the overall export endeavour now being made by improving our services to exporters.
BCC’s main services to the export community are as follows:
Registration of Certificates of Origin (COs), commercial invoices, agency agreements, quality certificates, phytosanitary certificates and certification of exports by the Atomic Energy Authority. Most of these certificates are forwarded to the Chamber by the exporters for counter registration and many of them are issued by either government agencies or private sector certifying institutions.
Whilst the BCC is the only Chamber of Commerce in North Colombo engaged in this service, there are six other Chambers in the city which are also officially entitled to register these documents.
However, it is important to state two special features that highlight BCC's certification scheme: the first is designed to assist exporters by registering documents on the spot and the other is in respect of the fees levied which is amongst the lowest charged by any Chamber of Commerce.
BCC also recommends visa applications made by members to foreign embassies for overseas business travel on request.
Further, the BCC disseminates and updates trade information.
Another regular service of the BCC is the transmission of trade information both foreign and local to members. The local information pertains to Customs tariff, taxes and duties besides other relevant data and commercial news updates. For example, seminars, discussions, foreign delegations visiting the country and trade fairs and exhibitions. The BCC is gearing itself to also transmit the latest information and regulations covering GSP+; for example, specific information on fish exports could be accessed by members on request.
The BCC channels foreign trade inquiries investment opportunities sought by foreign companies for joint ventures or trade tie-ups to members.Whilst taking up with the relevant government authorities, issues and problems of members a particularly noteworthy service it renders on behalf of the entire business community is its annual representations on the national budget.
More information on the BCC’s services could be obtained directly from the Secretary General, Business Chamber of Commerce, by e-mailing jaysavans123@gmail.com.
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