Sri Lanka’s Export Development Board decides not to revise this year’s export targets
Sri Lanka’s Export Development Board (EDB) has reportedly said that the export target set for the year will not be revised despite earlier claims of revising this year’s target amidst disruptions to the export operations in the face of the new wave.
Speaking to The Sunday Morning, a senior official from the EDB who wished to remain anonymous has confirmed that the export industry is performing well and by the end of this year, the target set of US$ 15.68 billion will most likely be achieved as planned.
EDB Chairman Suresh de Mel has told The Sunday Morning that the US$ 15.68 billion target would be possible as EDB is facilitating exporters to carry on their operations without any hindrance amidst travel restrictions and other limitations that are faced due to the prevailing condition.
De Mel has also said that the EDB is currently negotiating with Sri Lanka’s Ministry of Foreign Affairs and other countries to evaluate the changing scenarios of other parts of the world that could open new opportunities such as increased participation in virtual trade fairs, etc.
“Virtual trade fairs will open doors for many businesses and people as prior to Covid-19 only very few participants could afford to attend international trade fairs, hence this will bring inward income to the country,” he has said.
According to de Mel, EDB is also focusing on getting the vaccination for all export industry-related employees, creating a conducive environment for investments to attract Foreign Direct Investment (FDI) into the country and also improving the quantity and quality of agricultural products that are in demand in the world market.
Sri Lanka’s manufacturing and exports sectors have shown a growth momentum despite challenges posed by the global Covid 19 pandemic. The two sectors continued operations through the Covid lockdown as well as travel restrictions. Also, the many trade agreements as well as trade concessions enjoyed by the country have also boosted the sectors. The growth and expansion in Sri Lanka’s manufacturing and exports sectors have opened up new business/investment opportunities for foreign businesses/investors. Sri Lanka is also a fast emerging business destination in the South Asian region given it’s geographical positioning in the Indian ocean and ongoing development programme.
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