SLECIC to the fore of Sri Lanka’s economic turnaround

8 February 2024 09:00 am Views - 243

At this juncture of celebrating its 46th anniversary, Sri Lanka Export Credit Insurance Corporation (SLECIC) has recorded a historically highest total income of Rupees One Billion for the Year ended 31st Dec 2023. During the year it has targeted discerning exporters to mitigate their Buyers & Country risk. Being the sole Export Credit Insurance agency in Sri Lanka owned by the Government of Sri Lanka, SLECIC has extended its services to the credit Exporters and indirect Exporters to cover their risks as well as to finance their operations by way of Pre & Post shipment guarantees. In addition to the insurance policies they offer Carnet guarantees enabling exhibitors to showcase their products globally in collaboration with International Chamber of Commerce. So far mainly the gem & jewelry trade has been benefitted from this.

Being one of the profitable state owned enterprises, SLECIC has Contributed Rs.500 M to the Treasury as a Levy in 2023. This is in addition to taxes of approx. Rs. 250 M for the year, which is a much needed boost for the Economic growth of Sri Lanka.

Despite down trend of the USD parity rate and the volumes of exports in 2023 this achievement was creditable. SLECIC will target to enhance its market coverage by extending its support to the SMEs at grass root level by partnering with the Industrial Development Board, where they spread the awareness among rural industries & Exporters with a view to empower them at grass root level.

Looking Forward, SLECIC Chairman / Managing Director, Mr. Senarath Devendra has commented that they have strategised a road map and drawn a Corporate Plan for the next 5 years. He is confident that with introduced marketing initiatives, SLECIC has the potential of increasing the revenue by at least 50% in the next full year 2024. Further, he mentioned that SLECIC has been encouraging the achievers in Exports jointly with Chambers & Associations of Exporters.

Whilst thanking all stake holders who had kept confidence in SLECIC for all these years and patronized its services, the Chairman stated that SLECIC would continue its services of providing Information, Support & Protection to the discerning Exporters of Sri Lanka in years to come.