Sri Lanka’s EDB to finalise NEDP in September-October
The Morning: The Sri Lanka Export Development Board (EDB) will finalise its national export development plan (NEDP) for 2025-2029 in September or October, according to EDB Chairperson Mangala Wijesinghe.
“The EDB is in the process of formulating a new export development plan (NEDP), which is in its last phase of development. We will be able to finalize this plan in September or October,” Wijesinghe said during a Department of Government Information press conference.
Wijesinghe explained that the new strategy, covering 2025-2029, is a revamp of the EDB’s previous national export strategy (NES) for 2018-2022.
“This is based on the 2018-2022 national export strategy, with the addition of targeted goals in different export segments.”
Sri Lanka’s export earnings currently contribute 19% of GDP, which Wijesinghe aims to raise to 25%.
“We are now a country with $ 15 billion in export earnings. Exports account for 19% of GDP. In 2015, our export earnings were $ 13.2 billion; in 2018, they reached nearly $ 15 billion, and in 2019, they were $ 15.2 billion. For the past 8-10 years, we have remained in the $ 14-15 billion range.”
“We are now targeting at least 25% GDP contribution from exports and increasing Sri Lanka’s foreign reserves to $ 15 billion.”
By 2030, Sri Lanka aims to reach $ 36 billion in export earnings. “Our export earnings for 2024 were $ 16.4 billion, and our 2025 target is $ 18 billion. Achieving this would mean growth in the sector rising from 8% to 10%.”
The 2018 NES had projected $ 28 billion in annual exports by 2022, but this target was not met.
According to EDB data, Sri Lanka’s total export earnings from January-July reached $ 8.3 billion, marking a 6.7% growth compared to the same period in 2024.
OSL take:
Sri Lanka’s exports industry and related sectors are on a steady growth path and has been identified by Sri Lankan authorities as a key revenue generator to the country. The increasing growth and business potential in the industry has resulted in Sri Lankan authorities focusing on further developing and expanding the country’s exports industry while also increasing revenue targets from the industry. The many trade agreements and trade concessions enjoyed by the country with many foreign countries as well as the incentive offered by the Sri Lankan government for business in the exports industry and related sectors have all resulted in the steady growth and expansion of the industry. The authorities have further taken measures to conduct promotional campaigns in key foreign markets to promote Sri Lanka’s exports industry and opportunities while also encouraging exporters in Sri Lanka to add value as well as diversify their existing export product portfolios to meet the evolving requirements of the foreign markets. All these factors indicate the expanding business/investment opportunities in Sri Lanka’s exports industry and related sectors. Foreign businesses/investors could also look at expanding operations in Sri Lanka’s exports industry and related sectors by forming partnerships or joint ventures with local businesses in the industry.