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Sri Lankan government identifies importance of country’s export sector

Sri Lankan government identifies importance of country’s export sector

Sri Lanka’s Export Development Board (EDB) notes that the importance laid by the government of Sri Lanka on the development of exports is shown by the appointment of a host of ministers for the upliftment of local industries targeting the export market.
EDB Chairman Prabhash Subasinghe has told the Daily FT that sector-specific State Ministers/Ministries have amplified the importance of the export sector, and that they look forward to working with all line ministries to boost merchandised exports.
“Exports have been recognised as a deserving sector to appoint sector-specific Ministries in reviving the economy post COVID-19. A lot of emphasis has been given to agricultural exports and farming, which has been a weak area in our export basket for decades,” he has noted.

The EDB Chief has further said the focused attention to these sectors will now help in improving short, medium and long-term targets in these neglected areas in agriculture exports.

“The idea is to improve yield and productivity in the short term, supply chain in the medium term, and building new export markets in the long term. It is commendable to see the priority given to the export sector,” Subasinghe has said.
As for any challenge in dealing with so many state ministers/ministries, the EDB Chief has said the Board is used to working with multiple stakeholders.
The country has shown its resilience and rebound amidst the impact of COVID-19 with merchandise exports in July crossing the US$ 1 billion mark according to the provisional data.

OSL take:

Sri Lanka’s exports sector is on a growth path and despite Covid 19 pressures, the exports sector has recorded a revenue reaching billions. The government of Sri Lanka is also focused on developing local businesses and promoting exports. Also, Sri Lanka’s geographical positioning in the Indian Ocean, ease of doing business environment and the many trade agreements as well as trade concessions enjoyed by the country have helped the country’s exports sector and will help boost the sector further. All this has resulted in the expansion of business/investment opportunities is Sri Lanka’s exports sector. 

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Article Code : VBS/AT/18082020/Z_1

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