Export Development Council reconvenes today after years of hibernation

Monday, 27 January 2025 02:48 - - {{hitsCtrl.values.hits}}

By Charumini de Silva

The Export Development Council of Ministers (EDCM), a key institution tasked with guiding the export sector, is set to reconvene today (27) under the leadership of President Anura Kumara Dissanayake, marking a crucial step for the country’s trade ambitions.

The meeting comes after a four-year hiatus and decades of irregular activity with the Council last engaging meaningfully in 1992 before briefly resurfacing in 2020.

“Today’s meeting at the Presidential Secretariat represents an opportunity to correct the course,” EDB Chairman Mangala Wijesinghe told the Daily FT.

He said by leveraging the expertise and authority of its members, the EDCM is posed to address long standing challenges and unblock the country’s export potential.” Established under the Export Development Act No. 40 of 1979, the EDCM was envisioned as a high-powered body to ensure policy cohesion and coordination among key ministries and agencies.

Comprising Ministers overseeing Defence, Shipping, Industries, Agriculture, Textiles, Finance, Planning and Rural Industries, the EDCM mandate includes formulating and implementing export development policies to strengthen Sri Lanka’s global competitiveness.

However, despite its ambitious goals, the Council has largely remained dormant, holding just 10 meetings between 1980 and 1992 and has not convened for 28 years since then — except for once when it was briefly reactivated in September 2020 to address issues related to exports in tandem with the National Export Strategy (NES) to be a game changer in the post-COVID pandemic economic challenges.

“The timing of the Council’s reactivation aligns with the Government’s broader vision of economic transformation under its ‘A thriving nation and a beautiful life’ agenda, which seeks to position Sri Lanka as a prosperous and stable country by 2030,” Wijesinghe said.

A cornerstone of the ambitious export target of $ 36 billion by 2030 from goods and services.

He noted that achieving this target will require cohesive decision making and sustained action, with the EDCM playing a key role in bridging gaps between ministries, departments and other State agencies.

“With the reactivation of the EDCM and a clear focus on strategic investment, value addition and SME development, we are positioning the country as a reliable global trade partner. By leveraging the country’s geographical advantage, skilled workforce and Government-backed initiatives, the country aims to meet its ambitious export targets and solidify its standing in global trade,”Wijesinghe said.

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