Sri Lanka’s EDB positive of earning USD 13 billion export income for 2017
Taking into consideration the Government of Sri Lanka’s (GoSL) many proposed trade and economic partnerships, the country’s Export Development Board (EDB) has a positive outlook on being able to earn over USD 13 billion from its exports by the conclusion of 2017.
“With the regaining of GSP+ and different trade agreements the Government is planning to sign, in 2017 we are expecting to achieve around USD 13.8 billion worth of export revenue,” said the EDB Chairperson, Indira Malwatte.
According to Malwatte, the proposed free trade agreements (FTAs) and economic partnerships expected to be signed with countries like Singapore, China and India will provide further growth to Sri Lanka’s export sector.
Sri Lanka’s exports recorded a 5.2% growth totallingUSD 5.4 billion in the first half of 2017 due to the increased export of tea, transportation equipment, petroleum products and machinery and mechanical appliances. But during the same period there was a decline in the export of textiles, garments, gems, diamonds, jewellery, leather, travel goods and footwear declined. In June 2017 income from export earnings increased by 9.6% amounting toUSD 987 million recording four successive months of growth.
Increase in export income is a positive sign to potential investors who wish to set up export oriented businesses in the country. The upcoming Free Trade Agreements (FTAs) and other trade agreements would result in investors being able to take advantage of concessions and other benefits provided by them.
|Article Code :||VBS/AT/22092017/Z_1|