SL exporters call for caretaker administration in crisis-hit island

Exporters in the Free Trade Zones (FTZ) on Tuesday raised the risks the sector is facing in lending and financing purchases and in this respect called all parties to establish a caretaker government run by experts.

“Whilst we do stand by the rights of the manufacturers, exporters, entrepreneurs, business communities and all citizens of the country to speak, and more importantly to be heard, it is imperative that a proper mechanism would be brought in to resolve these multitude issues without a further delay because export manufacturers are also at risk in lending and financing to secure their raw materials from overseas suppliers due to downgrading of country’s credit ratings,” the Free Trade Zone Manufacturers Association (FTZMA) said in a statement.

In the wake of the growing opposition by the general public, the manufacturers have called on all parties to agree to appoint experts “who can oversee the ongoing economic and financial turmoil under a new caretaker government.”

“Therefore, we request all parties to be devoid of any actions that could further disrupt the country’s economic and political stability,” the statement said.

FTZMA is the only trade chamber for Foreign Direct Investment which represents leading exporters of apparel and non-apparel manufacturers under BOI and located in 14 EPZs in the country representing around 1500 export manufacturers.