By: Staff Writer
Colombo (LNW): The Export Development Board (EDB) says it is in the process of developing a 5-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 USD 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 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 to its citizens which is filled with hope and prosperity.”
The EDB, established in 1979, celebrated its 44th anniversary on August 01, 2023. The Board was formed with the objective of establishing a strong government-level institutional framework.
It was aimed 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.
The Export Development Board (EDB) and the Foreign Ministry are working closely together to increase the country’s export revenue and mitigate the negative impact of the COVID-19 pandemic on the export industry.
There are several joint initiatives taken by the EDB and the Foreign Ministry to enhance exports.
This includes identifying new market opportunities, creating awareness by disseminating market alerts, addressing supply chain issues, enhancing capacity building through webinars, and creating business linkages to support existing exporters to sustain their exports.
Sri Lanka’s Missions and Posts overseas continued to share updates and developments relevant to the markets they covered.
These updates included available market opportunities as well as changes to trade and policy regulations during the pandemic which enabled Sri Lanka’s exporters to adapt accordingly.
EDB being the facilitator for Sri Lankan exporters made efficient arrangements to circulate market updates rapidly among exporters via email and its website, and made use of IT based solutions to connect exporters and importers by organizing a series of webinars in collaboration with foreign trade chambers with the assistance of Sri Lanka’s Missions overseas.
