The issuance of import control regulations to enable businesses approved by the Sri Lanka Board of Investment (BOI) to import selected spices for reprocessing and re-export has received a Cabinet nod.
The Cabinet of Ministers has approved the proposal presented by the President in his capacity as the Minister of Finance to implement the following recommendations included in the report presented by the Ministries of Investment Promotions, Agriculture and Plantation Industries for this purpose.
- Providing an opportunity to import selected spices for reprocessing and re-export to businesses approved by the Board of Investment under the procedure for the import and processing of selected spices and re-export the same in the form of oil extraction, oleoresin and residue.
- Issuance of Import and Export (Control) Regulations under the provisions of the Import and Export (Control) Act No. 1 of 1969 for the above purpose.
The decision comes on the back of the instructions issued to the Secretaries to the Ministries of Investment Promotions, Agriculture and Plantation Industries during the Cabinet meeting held on 18.03.2024.
During the meeting, the Secretary to the Ministry of Finance informed the said ministry secretaries to review the Import and Export Control Regulations No. 3 of 2024 issued under the Import and Export (Control) Act No. 1 of 1969 and to submit a detailed report. (Newswire)