National Export Strategy: Sri Lanka targets USD28Bn in exports by 2022

Jul 20, 2018 (LBO) – Sri Lanka’s government unveiling the ‘National Export Strategy (2018-2022)’ in Colombo yesterday said it plans to increase the capacity of the local export sector while also improving trade performance and competitiveness.

The five-year plan will help to make Sri Lanka a major regional export hub with the launch of this programme while also we hope to earn a US 28 billion dollars export revenue by 2022 , Prime Minister, Ranil Wickremesinghe said at Temple Tress.

“This plan 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 Prime Minister added that Government officials would meet exporters every six months to discuss and monitor the NES implementation progress.

“None of us want any domestic enterprise to be adversely affected,” he said.

“Our local markets and enterprises were able to handle the opening of markets in 1977 we’re not opening up tomorrow to destroy them,”

“They create as many jobs as export industries and are an essential part of the economy and they should be assisted to adjust to the new trading environment.”

The new 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.

Speaking at the event 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,” she added.

“With its alignment with the Government’s Vision 2025, the National Trade Policy and the NES is a key enabler of Sri Lankan trade reforms. It is a tool for the country to become a key regional trade hub serving Asia and beyond.”

Gonzalez said she was pleased that implementation had already started with financial allocations from the National Budget 2018, noting that it signified the earnestness of the Government for quickly moving into action.

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.