EDB to renew 2018 National Export Strategy with technical aid from ITC
By: Staff Writer
Colombo (LNW): Sri Lanka has initiated the process of revisiting its existing Export Strategic Plan (National Export Strategy 2018-2022).
The five-year National Export Strategy to accelerate growth and create higher income jobs and it was aimed at 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 at that time period commencing from 20218.
The five-year Strategy was aimed to enable Sri Lanka to reach its goal of US $28 billion in exports by 2022. It benefits from the input of more than 600 public and private-sector stakeholders across Sri Lanka to reflect their export ambitions.
The endeavour, spearheaded by the Sri Lanka Export Development Board (EDB) in collaboration with the Ministry of Investment Promotion, has obtained technical support from the International Trade Centre (ITC) based in Geneva.
Building on this legacy, the current initiative focuses on revitalising the existing National Export Strategy to align it with contemporary market challenges and harness emerging opportunities.
It will be e fast tracking game changer activities to revitalise the development process of the country as a trade and investment hub.
“It will act as the road map for export growth, and thus it must be executed with the fullest commitment of all implementing agencies,” the EDB said.
Upon the completion of the strategy, the apex State agency responsible for the development and promotion of exports will also assess if the original $ 18.51 billion in merchandise and service exports for this year need to be revised.
“We have not yet decided on revising the set export target for the year, as the new estimate and focus areas will only be arrived at after taking all aspects into consideration, including the new 5-year NES,” EDB Chairman Dr. Kingsley Bernard said.
The EDB has forecasted performance of $ 18.51 billion in merchandise and service exports in 2023. This comprises $ 15.93 billion from merchandise exports up from $ 13.01 billion achieved in 2022 and $ 2.58 billion from services exports.
As per EDB’s 2023 forecast, $ 6.5 billion comes from apparel and textile, $ 1.32 billion from tea, $ 1.51 billion from rubber and $ 985 million from coconut-based products.
From the other sectors, $ 592 million from food and beverage, $ 585 million from spices and concentrates, $ 490 million from electrical and electronic components and $ 445 million from diamonds, gems and jewellery. Additionally, seafood exports are estimated to bring $ 367 million and $ 582 from petroleum products.
The EDB plans under the new strategy to gain 15% average annual growth to boost total exports to $ 31.3 billion by 2027.
The merchandise exports need to be doubled from the existing $ 13 billion to $ 26 billion within the next five years,” he said.
He also said the EDB has appointed an internal committee, tasked with formulating the plan without additional funding and the committee is working diligently to complete the strategy›s formulation soon.