The Government has launched an ambitious program of doubling the export earning equivalent to the import expenditure (short term - medium term) long term, from US $ 12.5 billion to US$ 25 billion, Minister of Industrial Exports, Investment Promotion, Tourism and Aviation Prasanna Ranatunga told Daily News yesterday.
He also said that the export target for 2020 would be US$ 13.5 billion and Foreign Director Investment, - US $ 2.5 billion. Sri Lankan exports in 2019 January to November were around USD 10.9 billion. Some of the new strategies which would be implemented would be exploring the new markets going beyond the traditional markets, facilitate high value added products export with product diversification, enhance hub operation activities including logistics services.
The projects will also be for investment, establishing agricultural based industrial zones in the regional level and streamlining the investment approval process aiming to reduce lead time. While encouraging investments in the above areas, SMEs are expected to be the main driver of economic growth and employment generation .
One of the other priorities of the government, the Minister said, was to expedite the approvals which will be under one single roof. The provisional approvals will be provided within a week and the final approvals will be provided within a month, he said.
There will be the online approvals provided by 22 State Institutions. He said that there were also some instances in the past where project approvals were delayed due to allegations of corruption.
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