PM kicks off search for new export strategy

• First two-day national symposium drawing over 150 experts from private and public sectors to carve out next export growth cycle 
• Initiative critical as exports sector beset by two consecutive years of decline

Prime Minister Ranil Wickremesinghe yesterday kicked off the first ever national symposium to carve out the national export strategy.

The two-day symposium involves over 150 public and private sector representatives who will plan the next export growth cycle of the country.

The ground breaking initiative championed by the Ministry of Development Strategies and International Trade and the Sri Lanka Export Development Board (EDB), is critical since the country has suffered two consecutive years of decline in exports. 

In 2015, exports dipped by 5.6% to $ 10.5 billion and last year the dip was 2.2% to $ 10.3 billion. In 2014, exports were up 7%.

The development of an NES is a central component of the ‘EU-Sri Lanka trade-related assistance: Increasing SMEs trade competitiveness in regional and EU markets’ project, which is funded by the European Union and implemented by the International Trade Centre.

The first national symposium will unveil the design process for the NES and provide a platform for public and private stakeholders to discuss their strategic vision for Sri Lanka’s export growth. The two days of consultation will confirm the export performance diagnostics and define the main strategic orientations for the NES, including priority sectors and the selection of trade functions.  Following this initial event, meetings will be held in Colombo and the regions to define specific sector level action plans. 

The NES will support Sri Lanka’s economic vision of strengthening the competitiveness of the country’s private sector to achieve inclusive and sustainable growth. The consultative process will lead public sector institutions and private sector enterprises to design a common and agreed plan for growing and diversifying Sri Lanka’s export products and reaching new target destinations.  

The NES will focus on a number of priority sectors and key trade support functions, selected based on a quantitative and qualitative analysis of Sri Lanka’s export competitiveness, to ensure a prioritised focus.

The Prime Minister’s Economic Policy Statement emphasises that new strategies are required to undertake necessary reforms to increase, diversify and introduce innovation in export development, aimed at increasing revenue, creating employment and reducing Sri Lanka’s trade deficit.

Development Strategies and International Trade Minister Malik Samarawickrama said: “Sri Lanka is embarking on an ambitious set of economic changes, where innovation and entrepreneurship will be key drivers of export competitiveness for economic growth. The country’s policy seeks to rebalance its economic growth model to be more outward oriented, private sector-led, knowledge intensive and one that will successfully develop and make available higher value goods and services. 

“The NES will place specific focus on ensuring these priorities are implemented rapidly by the relevant public and private institutions at the sector and regional levels, and in close coordination with development partners.” 

International Trade State Minister Sujeewa Senasinghe stated: “Sri Lanka has become a rapidly emerging growth centre in Asia in the current international economic context, with one of the most vibrant and dynamic economies in the South Asian region. Liberal market-oriented policies have accelerated the development process and opened new vistas for investment and business opportunities in the country. The Government’s approach is based on the principle that the public sector facilitates the development of the export sector engaging the private sector in strong public-private dialogues (PPDs) while at the same time encouraging the private sector to own and drive the export sector.

“As the navigator having a direct and considerable bearing on the success of the National Export Strategy process, I believe that the NES will serve as a roadmap to increase exports and value creation while linking our economy into global value chains, thus ensuring sustainable development with greater prosperity for the people of Sri Lanka.”

EDB Chairperson and CE Indira Malwatte said: “The steady advancement of worldwide market demands for more specialised products, evolving supply conditions and the emergence of modern technology, highlights the significance of developing a strategic vision for export development. The Government of Sri Lanka has embarked on developing and promoting exports of the country, giving it the highest priority, to increase and consolidate foreign exchange earnings, which will create new employment, build skills and capacities and attract export driven investments which will result in enhanced economic and social benefits and improved lifestyles for all Sri Lankans. The NES initiative will support Sri Lanka’s economic vision of strengthening public-private dialogue and partnering with the nation’s private sector to achieve the country’s economic objectives and goals.”

Exporters’ Association of Sri Lanka Chairman Harin de Silva said: “The EASL has continuously campaigned for greater engagement between the Government and private sector. We fully support the endeavour of developing and implementing a National Export Strategy for Sri Lanka. We look forward to building durable public-private coordination to drive export growth and for the successful implementation of the NES, which will also be driven directly by private sector inputs.”

The Ambassador of the European Union to Sri Lanka and the Maldives Tung-Lai Margue said: “Sri Lanka has been identified as a ‘Market of the Future’ by Euromonitor and as a key trade partner in South East Asia. The National Export Strategy will help strengthen Sri Lanka’s ability to maximise the benefits of greater trade exposure in regional and EU markets. The EU’s Trade-Related Assistance to Sri Lanka project aims to boost the country’s trade competitiveness, while also contributing to socioeconomic development.”

The ‘EU-Sri Lanka Trade-Related Assistance: Increasing SMEs trade competitiveness in regional and EU markets’ project will be implemented over a period of four years. The objective of the project is to increase trade competitiveness of Sri Lankan SMEs in regional and EU markets and support Sri Lanka’s inclusive trade-led growth and regional integration, thereby contributing to poverty alleviation.

ITC is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Sustainable Development Goals. For more information, visit www.intracen.org.