Sri Lanka’s EDB Chief says export future is not just bright, it is boundless
Daily FT: Export Development Board (EDB) Chairman Mangala Wijesinghe last week declared that Sri Lanka’s export sector is poised for an era of unprecedented expansion, driven by innovation, value addition and renewed policy momentum, and the future is one of limitless potential rather than incremental recovery.
He made this assertion during his speech at the 27th Presidential Export Awards Ceremony held at the BMICH with the participation of Prime Minister Dr. Harini Amarasuriya and Ministers Dr. Anil Jayantha Fernando and Sunil Handunneththi among others.
Wijesinghe described the event as far more than a formal recognition of excellence, calling it “a celebration of national resilience and ambition.”
Addressing an audience of around 1,500 guests comprising exporters, policymakers, diplomats and industry leaders, Wijesinghe said the awards represented “the highest recognition bestowed upon our exporting community by the President,” underscoring the central role exporters play in stabilising and advancing Sri Lanka’s economy.
Aligning with the national economic vision, the EDB has set a medium-term target of $ 36 billion in export revenue by 2030, a goal he described as ambitious, but firmly grounded in reality.
“This vision is grounded in a commitment to sustainable and ethical sourcing, the strategic leverage of new global market access and the transformation of Sri Lanka into a regional value chain hub,” Wijesinghe said.
It was in this context that he delivered the central message of the evening, declaring that “the future of the Sri Lankan export sector is not just bright—it is boundless.” Expressing confidence in the room, he added, “I have every confidence that the collective ambition and ingenuity in this room will propel us past this target.”
He said Sri Lanka had reached a historic milestone in the financial year 2024/2025, with export earnings hitting a record $ 14 billion so far, marking what he described as “an exceptional year-on-year growth.”
The achievement, he stressed, was not accidental, but the result of exporters’ commitment to innovation, premium quality and value addition. “This success story, particularly evident in the resilience of our technology, premium quality and value-addition, demonstrates the immense, untapped potential of Sri Lanka,” Wijesinghe told the gathering.
Positioning exporters as the backbone of the country’s economic transformation, Wijesinghe said the EDB remained focused on creating an environment where Sri Lankan products and services can compete and thrive globally.
He noted that the Government’s vision of a competitive, diversified and sustainable export economy ultimately rests on the private sector. “The focus areas we champion from market and product diversification to the urgent need for sustainable practices and regional value chain development are clearly reflected in the achievements we honour this evening,” he said.
Despite celebrating the record-breaking performance, Wijesinghe cautioned against complacency, arguing that the milestone should be viewed as a springboard rather than a finish line. “The journey, however, is far from over,” he said, adding that Sri Lanka must now aim significantly higher.
OSL take:
While Sri Lanka already enjoys trade agreements and trade concessions with many foreign countries, Sri Lankan authorities are also focused on further expanding trade ties to include more foreign countries where Sri Lanka could gain easy trade access to. Sri Lanka’s exports industry and related sectors are on a steady growth path with local authorities continuing to expand foreign market access for local products while local exporters continue to add more value and diversify their export product portfolio. It is in such a backdrop that Sri Lanka’s EDB Chair has expressed confidence in the future of the export industry and the lucrative nature of the business/investment opportunities in the industry. The growth and profits recorded by businesses already engaged in the industry and related sectors as well as the interest shown by foreign businesses/investors to enter the industry further indicate the increasing business potential of Sri Lanka’s export industry and related sectors. Given all these factors, foreign businesses/investors could confidently explore the expanding business/investment opportunities in Sri Lanka’s export industry and related sectors. Foreign businesses could also look at entering Sri Lanka’s export industry through partnerships or joint ventures with local businesses already engaged in the industry.
| Article Code : | VBS/AT/20251218/Z_3 |