Sri Lanka unveils the ‘National Export Strategy (2018-2022)’ which will boost the country’s entrepreneurs capabilities to take advantage of opportunities in global markets.
While exports in 2017 were the highest on record, Sri Lanka has a long way to go to catch up with its Asian peers.
The five-year National Export Strategy (NES) will help to make Sri Lanka a major regional export hub, Prime Minister, Ranil Wickremesinghe said yesterday.
Speaking at the launch of the National Export Strategy at Temple Trees he said that Sri Lanka hopes to earn a US$ 28 billion export revenue by 2022 with the launch of this programme.
“NES is a blueprint for achieving increased exports, enhanced regional cooperation and job creation. Technical assistance for developing the NES was provided through the EU-Sri Lanka Trade Related Assistance project funded by the European Union.”
The Strategy sets out specific priority actions and investments to address competitiveness constraints, modernise regulatory systems for improved efficiency, and boost Sri Lankan industries in order to increase exports. It also sets targets to improve opportunities for Sri Lanka’s micro, small and medium-sized enterprises (MSMEs) and exporters in regional and global trade.
Minister of Development Strategies and International Trade, Malik Samarawickrama said, “The NES further strengthens our ongoing shift in the economic growth model from one that was heavily dependent on debt-fuelled public infrastructure spending, to growth driven more by private enterprises, exports and foreign direct investment.”
The launch ceremony at Temple Trees was attended by key corporate leaders, exporters and the members of international trade agencies and diplomatic missions.
Paul Godfrey, Charge d’ Affaires of the European Union to Sri Lanka and the Maldives said, ‘This National Export Strategy is vital to Sri Lanka’s trade infrastructure and will consolidate and expand the country’s reach in the region and in European markets. I am sure this Strategy will help Sri Lanka take advantage of GSP+ by both stimulating growth and increasing the prosperity of the peoples of this island.’
ITC Executive Director Arancha González said, “The strategy is a tool to transform the trade landscape of Sri Lanka. By helping to improve the trade environment and by supporting greater local value addition trade could support the creation of better quality jobs.”
The National Export Strategy will help the development of new exporters and support the growth of traditional export industries. It identifies six sectors to ensure more value addition and facilitate greater access to regional and global markets. They are: information technology and business process management (IT-BPM); spices and concentrates; wellness tourism; processed food and beverages; boat building; and electronics and electrical components.
The Strategy also focuses on four cross-cutting areas which impact all exporting enterprises, namely the improvement of island-wide logistics services, national quality infrastructure, innovation and entrepreneurship and access to trade information and promotion services.
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