Saturday Dec 21, 2024
Saturday Dec 21, 2024
Friday, 20 December 2024 00:00 - - {{hitsCtrl.values.hits}}
EDB Chairman
Mangala Wijesinghe
By Charumini de Silva
The Government is set to revive the Export Development Council of Ministers (EDCM), a high-powered body designed to oversee and guide the country’s export sector.
Export Development Board Chairman Mangala Wijesinghe confirmed that discussions with President Anura Kumara Dissanayake and other Ministers have been positive and efforts are underway to reconvene the Council soon.
“The reactivation of this Council is crucial for providing strategic direction and achieving the Government’s ambitious target of $ 45 billion exports, including tourism,” he told the Daily FT.
The EDCM, established under the Export Development Act No. 40 of 1979, is chaired by the President and includes Ministers responsible for shipping, industries, agriculture, finance and foreign affairs. Its mandate is to formulate and implement national export development policies and programs, offering strategic oversight to elevate Sri Lanka’s global competitiveness.
In 2020, EDCM was reactivated in 28 years after it was established in 1972 with a focus on resolving issues related to exports in tandem with the National Export Strategy (NES) to be a game-changer in the post-COVID economic transformation efforts.
However, the Council yet again went into slumber after its first discussion held on 23 September 2020.
Wijesinghe said the revival of the EDCM comes at a critical juncture, as the country seeks to boost export revenues through targeted initiatives across key sectors, including ICT, logistics, value-added manufacturing and SMEs.
“The EDCM will ensure that Sri Lanka’s export sector has the leadership and support necessary for transformation,”he expressed confidence.
During the first 10 months of 2024, cumulative merchandise exports increased by 7.04% to over $ 10.6 billion compared to the same period in 2023, whilst the services exports from January to October 2024 is expected to have increased by 7.7% to over $ 2.8 billion compared to the same period a year ago.
This propelled the total export earnings during the first 10 months of 2024 to over $ 13.46 billion, a 7.2% increase over the same period in 2023.“The growth in merchandise exports and substantial in services exports reflect the resilience and innovation of the country’s exporters,” he added.
As per EDB’s 2024 forecast of $ 16.3 billion merchandise exports —$ 5.16 billion is set to come from apparel and textile, $ 1.39 billion from tea, $ 988 million from rubber and $ 753 million from coconut-based products. From the other sectors, 517 million from electrical and electronic components, $ 489 million from petroleum products, $ 427 million from spices and essential oils and $ 412 million from diamonds, gems and jewellery, $ 278 million from seafood and $ 140 million from boat building.
Noting that the services sector is on track to achieve $ 3.6 billion exports this year, Wijesinghe said the ICT industry with its pool of over 85,000 skilled professionals is positioned as a major growth area. In addition, he cited collaborations with global agencies are expected to unlock high-value services, while enhanced logistics capabilities such as bunkering and supply chain solutions will further strengthen the country’s offerings.
He said the EDB is focused on transitioning from raw material exports to value-added products, a strategy central to increasing export revenue.
“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 on country’s geographical advantage, skilled workforce and Government-backed initiatives, the country aims to meet its ambitious export targets and solidify its standing in the global trade,”Wijesinghe said.
