New SL export strategy targets $20 bln revenue in 2020

Regional Consultations as part of an effort to design Sri Lanka's National Export Strategy (NES) took place in Kandy recently.

The NES is being developed as a comprehensive and carefully structured five- year strategy aimed at increasing exports and generating enhanced revenue for Sri Lanka's SMEs and exporters, according to the Export Development Board (EDB).

The National Export Strategy will focus on the development and expansion of key leading and emerging priority export sectors. The focus on some of these sectors will help to invigorate rural economies and create many new employment opportu- nities. This is part of the Sri Lankan government's drive to achieve a target of $20 billion in exports revenue by 2020, the EBD said in a media release.

The NES priority sectors have been selected to ensure a balanced export expansion from visionary, emerging and mature sectors. In line with the objectives of the NES for an innovative and diversified export sector, the national stakeholders, using quantitative and qualitative information, have selected the following industries: IT-BPM, Spices and Concentrates, Wellness Tourism, Processed Food & Beverages, Boat- building, and Electrical & Electronic machinery.

In addition, the NES will ensure that all export sectors including the mature sectors will benefit from the strengthening of trade support functions. Through wide public-private consultations, the following trade support functions (TSF) were shortlisted to achieve the NES vision and strategic objectives; National quality Infrastructure; Innovation and R&D, and Logistics. These trade support functions will aim at improving the overall competitiveness of Sri Lanka's export sector, the release added.

Key regional consultations took place in Kandy to focus on the Spices and Concentrates and Wellness Tourism sectors. These regional consultations are taking place to ensure that regional requirements and specificities are fully integrated in strategic decision making. A special session also took place on the trade information function to discuss options to improve access of SMEs to relevant and up to date market information. Input from local stakeholders is important to have a National Export Strategy that takes into account local challenges and opportunities. This will assist in creating vital business linkages between local entrepreneurs and businesses with their counterparts in other provinces of the Island and counterparts overseas, the EDB said.

The inclusively designed NES will represent the ambitions of public and private sector stakeholders for an empowered Sri Lankan export sector. In line with the government's mandate to provide equal opportunity for all, these sector specific regional consultations will help to develop policies and regulations that are truly national.

The NES is being designed by the Ministry of Development Strategies & International Trade and the EDB in close consultation with key public sector institutions and private sector associations and chambers, as well as exporters and SMEs. Technical Assistance in support of this is being extended by the International Trade Centre (ITC) as part of their 'EU-Sri Lanka Trade Related Assistance' project funded by the European Union.

The National Export Strategy will focus on the development and expansion of key leading and emerging priority export sectors. The focus on some of these sectors will help to invigorate rural economies and create many new employment opportunities. This is part of the Sri Lankan government's drive to achieve a target of $20 billion in exports revenue by 2020, the EBD said in a media release.