SLECIC to the Fore of Sri Lanka’s Economic Turnaround
Sri Lanka Export Credit Insurance Corporation (SLECIC) has recorded a historically highest turnover of Rs. 450 M 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 organization in Sri Lanka owned by the Government of Sri Lanka had 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 Rs. 290 M for the year. This 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 is creditable. SLECIC will target to enhance its market coverage by extending its support to the SME s at grass root level by partnering with the Industrial Development Board, where they spread the awareness among rural industries & Exporters.
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, since the achievement in 2023 was only for the eight months. Further, he is expecting to kick start the guarantee business collaborating with commercial banks in the coming year, facilitating our direct & indirect exporters for their financing requirements.