Govt. gives private sector US $ 30 bn export target by 2020
The Sri Lankan government is aiming at facilitating the private sector to reach US $ 30 billion in exports by 2020, the Central Bank governor said last week.
“The Export Development Board is working towards achieving US $ 30 billion in exports by 2025,” Dr. Indrajit Coomaraswamy said at the National Business Excellence Awards organised by the National Chamber of Commerce of Sri Lanka. He noted that the Antidumping Bill as well as the trade adjustment package that are being given to local businesses to prepare for the numerous trade pacts tipped to be signed by the country would prevent any undue influence on local industries.
“Taxes continue to be friendly for exports,” he further added.
Sri Lanka’s exports fell 5.66 percent year-on-year (YOY) to US $ 10.50 billion in 2015 and the first eight months of this year has seen exports falling 4.1 percent YOY to US $ 6.87 billion due to a slow global economy.
Dr. Coomaraswamy also noted that the Board of Investment is being revamped to attract export-driven foreign direct investments and that 10 task forces have been setup to reduce red tape along the 10 pillars evaluated in the World Bank’s Ease of Doing Business index.
“The task forces are not working as fast as we would like but the direction is encouraging,” he said.
He noted that Sri Lanka should take full advantage of its geographic location to become an export-driven economy despite the world shying away from increased trade and growth.
Foreign Affairs Deputy Minister and economist Dr. Harsha de Silva recently said that the government would be creating the best ever platform to facilitate private sector exports.