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Sri Lanka’s EDB developing 5-year strategic plan to increase exports to $ 31.3 billion

Sri Lanka’s EDB developing 5-year strategic plan to increase exports to $ 31.3 billion

The Morning: The Export Development Board (EDB) of Sri Lanka says it is in the process of developing a five-year strategic plan to boost Sri Lanka’s exports. In a statement, the Board said this plan aims to increase Sri Lanka’s exports to $ 31.3 billion by 2027.
The plan also encompasses increasing the market share of Sri Lanka in the top 10 existing export markets by 10% annually, the state organization for the promotion and development of exports said further.
The identified top 10 markets are the USA, the UK, India, Germany, Italy, the Netherlands, Canada, the UAE, Belgium, and France.
Meanwhile, 10-15 potential new markets too will be identified and the market share of the selected markets will be increased by 5% annually.
The EDB said exports would be expanded by promoting customized value-added products and services to the identified niche markets with premium prices and carrying out product-market analysis on high-end niche markets in addition to disseminating their findings with the exporter community.
“The EDB is determined to serve the nation by undertaking its role as the nation’s apex export promotion agency, as Sri Lanka embarks on its journey towards becoming a developed nation by 2048 in order to create a standard-of-living for its citizens which is filled with hope and prosperity.”
The EDB, established in 1979, celebrated its 44th anniversary on 1 August 2023. The Board was formed with the objective of establishing a strong government-level institutional framework to develop and promote Sri Lanka’s exports in order to integrate with the global economy consequent to the adoption of liberal economic policies in 1977, and it has been at the vanguard in terms of promoting and developing exports in Sri Lanka for over four decades.

OSL take:
Sri Lanka’s exports industry is one of the key revenue generators for the country. It was the exports sector that helped Sri Lanka’s economy when the country was faced with multiple economic challenges following the global pandemic. The government of Sri Lanka is focused on further developing and uplifting the country’s exports sector. Local export authorities are also looking at diversifying the country’s product portfolio through value additions while also exploring new foreign markets. It is in such a backdrop that Sri Lanka is focused on implementing a national plan to boost the country’s export industry. The many trade agreements as well as trade concessions enjoyed by the country have also helped boost Sri Lanka’s exports sector. Local as well as foreign businesses engaged in Sri Lanka’s exports sector have recorded a growth and profits despite challenging economic conditions indicating the strength and resilience of the sector. Given the growth and business potential in Sri Lanka’s export sector, foreign businesses/investors could confidently explore the growing business/investment opportunities in the sector.

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Article Code : VBS/AT/20230822/Z_11

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