Sri Lanka’s growth relies on tapping in to global markets, says Economist

Dec 12, 2014 (LBO) – Sri Lanka’s economic growth will be driven by tapping into global market through exporting high value manufacturing products, agricultural products and services, a senior economist said. Sri Lanka is a 67 billion dollar economy, which I think not large by any strategy imagination, Deshal de Mel, Senior Economist of Hayleys Sri Lanka said.

“I think going forward,Sri Lanka’s future growth potential necessarily will drive on the ability to tap into global markets.

Sri Lanka’s exports rose 0.5 percent, to 903 million US dollars in September 2014 from a year earlier with largest contribution from textiles and garments followed by coconut and printing industry products, official data showed.

Apparel exports grew 4.4 percent to 403.8 million US dollars in September 2014 while exports of machinery and mechanical items had risen 17.6 percent to 32.1 million US dollars. Rubber products had risen 6.1 percent to 82.4 million US dollars.

Agricultural exports grew 0.5 percent to 903.3 million US dollars with tea down by 4.8 percent to 133.6 million US dollars.

In terms of manufacturing, Sri Lanka is not a cheap destination, we do not have large blocks of land and