Aug 04, 2016 (LBO) – Sri Lanka is seeking to expand its export basket as it is essential that the island looks at export diversification and finds new markets, head of the state export promotion office said.
Indira Malwatte, head of Sri Lanka’s Export Development Board, said boat building is one such avenue that is being currently explored by the authorities.
“We are looking at developments along the Galle marina and are working with Sri Lanka Ports Authority in this regard,” she told a recent press conference in Colombo.
“It not just boat build but we are also thinking of services related to this. We already have a few companies that are engaged in the sector so it is a matter of expanding.”
Malwatte says pharmaceuticals and IT sector are also two growing markets that the island is very keen to explore.
According to data last year the islands exports as a percentage of Gross Domestic Product was 12.8 percent, while Vietnam recorded 83.7 percent, Malaysia 67.5 percent, Thailand 54.2 percent and Singapore 119.7 percent.
Speaking about the issues that local exports are facing she said Sri Lanka is also trying to prevent the misuse of the ‘Ceylon Tea’ branding.
“We have received complaints that the Ceylon Tea label had been placed on teas sold in foreign market, which are not original.”