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Sri Lanka’s EDB calls export oriented global companies to set up base in the country

Sri Lanka’s EDB calls export oriented global companies to set up base in the country

Chairman of Sri Lanka’s Export Development Board (EDB) Suresh de Mel has reportedly presented at the Sri Lanka Investment Forum six focused sectors that provide a plethora of opportunities for export-oriented global firms to set up bases in Sri Lanka.
“The Government has put in the right ecosystem to support investments, growth and innovation. We have also taken a number of new initiatives while also fine-tuning existing endeavours to develop and boost exports,” de Mel has stated.
The EDB Chief’s six focused sectors for innovation and investment were: IT/BMP, electrical and electronic components, boat building, nautical tourism and related industries, processed food and beverages, spices and concentrates and essential oils and wellness tourism. He also elaborated on each focused sector, emphasising on the plethora of opportunities for export oriented firms to invest in Sri Lanka, a Daily FT news report has stated.
De Mel has reportedly told global companies attending the Forum that Sri Lanka’s strategic location as a central hub to trade routes, duty-free access to 7,200 products with the European Union (EU) GSP+ concession and the United Kingdom (UK) GSP+ concession, Free Trade Agreement (FTA) market access to India and Pakistan with 4,000 products and several other FTAs with the regional counties were key factors to make Sri Lanka a great destination to setup globally-recognised, export-oriented manufacturing plants.
“We are there to support exporters and investors to set up investment in Sri Lanka,” the EDB Chief has stated.
In addition to merchandise exports, de Mel has highlighted that Sri Lanka was also known for its services exports which include logistics, maritime and offshore engineering, light engineering, construction, education, BPM/BPO, lapidary and tourism.
According to the EDB Chief, the resilience of the export community was quite evident with the US$ 14 billion export earnings recorded last year despite the supply chain and market access constraints due to the Covid-19 pandemic.
This year, the EDB is targeting revenue of US$ 16 billion despite the continued local and international shocks amidst the pandemic.
Sri Lanka’s top 10 export markets include the United States, the UK, India, Germany, Italy, Belgium, Netherlands, China, Canada and Turkey.

OSL take:

Sri Lanka’s exports sector continuously operated amidst the Covid 19 lockdown last year as well as the travel restrictions at present. This has resulted in the expansion of the country’s manufacturing and exports sectors. This has made Sri Lanka’s exports sector a viable business/investment opportunity. Sri Lanka is fast becoming a business hub in the South Asian region given it’s geographical positioning in the Indian ocean and the many trade agreements as well as trade concessions enjoyed by the country.

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Article Code : VBS/AT/20210611/Z_12

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