Sri Lanka’s EDB says value-added products to drive up export revenue
The Morning: The Export Development Board (EDB) has revealed plans to transition from raw material exports to export value-added products in order to boost Sri Lanka’s export revenue.
Speaking to The Sunday Morning Business, EDB Chairman Mangala Wijesinghe stated they had identified that a key strategy for boosting Sri Lanka’s export revenue involved transitioning from the export of raw materials to the export of value-added products.
Elaborating further, he stated: “For example, in the electronics sector, partnering with global brands to establish assembly plants within the country could enable the production of export-ready finished goods, enhancing the sector’s competitiveness and value proposition.”
He pointed out that Sri Lanka’s services sector was also on an impressive growth trajectory, with exports expected to reach $ 3.6 billion this year, amounting to a 27% Year-on-Year (YoY) increase compared to the previous year.
“The Information and Communications Technology (ICT) industry, supported by over 85,000 skilled professionals, presents significant opportunities for collaboration with global agencies to deliver high-value services,” said Wijesinghe.
He pointed out that the local logistics sector benefited from Sri Lanka’s strategic location along major shipping routes, handling over 200 vessels daily.
He therefore claimed that strengthening capabilities in areas such as bunkering and supply chain solutions would further bolster Sri Lanka’s logistics offerings.
Wijesinghe further stated that the EDB, in collaboration with local and international stakeholders, had recently hosted the inaugural marine summit ‘Voyage Sri Lanka 2024’.
“The event emphasised Sri Lanka’s contributions to the blue economy and its potential as a global maritime hub. Combined with a skilled workforce and competitive infrastructure, Sri Lanka offers a compelling platform for international investors.
“By positioning itself as a hub for maritime services, logistics, and technology-driven solutions, the country aims to capitalise on its unique strengths to attract global players and drive sustainable economic growth,” he stated.
Commenting on the total export performance in 2024, he said: “During the first 10 months of 2024, cumulative merchandise exports rose by 7% YoY, reaching $ 10.6 billion compared to the equivalent period in 2023. Similarly, service exports have surged by 7.7% YoY, reaching $ 2.9 billion compared to the equivalent period in 2023.”
OSL take:
The increasing and evolving demand for value-added export products in the global market has opened up many business/investment opportunities in Sri Lanka’s exports sector. The local export authorities are therefore focused on pushing local exporters to expand their product portfolios related to value-added products to meet the increasing global demand. Sri Lanka’s exports sector is on a steady growth path supported by the strong trade ties enjoyed by the country with many foreign countries resulting in the expansion of the opportunities in the exports sector. However, the increasing demand for value-added export products has further expanded the business/investment opportunities in the local exports sector presenting many lucrative opportunities to foreign businesses/investors. Local export authorities are also looking at providing more incentives to manufacturers of value-added export products. Given the increasing demand and business potential for value-added export products, foreign businesses/investors could explore the expanding opportunities in the exports sector while looking at expanding operations through local collaborations. Sri Lanka also presents the best venue for foreign businesses in the manufacturing sector to set up bases as they could also use Sri Lanka’s strong trade ties to export their goods to the global market.
Article Code : | VBS/AT/20241218/Z_2 |