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POSTED AT 07:44 AM 02-02-2019

Country hopes to achieve US$ 17.4 bn export revenue

Five-year National Export Strategy:

Image Courtesy: Daily Mirror

Sri Lanka expects to achieve US$ 17.4 billion export revenue in the coming months increasing productivity and value addition as envisaged in the five-year National Export Strategy (NES) launched recently, Science, Technology and Research Minister Sujeewa Senasinghe said. “So far, our export earnings have exceeded by nearly US$ 11 billion this year.

The NES is a bold, far reaching and ambitious one. It is innovative and forward looking. It expects to achieve exports in new areas and products rather than only to expand the traditional pattern of exports. It expects not only to expand merchandise exports, but also earn more from services. Information Technology services, boat building, tourism, new manufactures and enhanced agricultural exports are part of this strategy,” the Minister said.

“The new strategy sets out specific priority actions and investments to address competitiveness constraints, modernise regulatory systems for improved efficiency and boost Sri Lankan industries to increase exports. The Rupee has also appreciated by 6 percent against the US dollar after it had hit its lowest rate against the dollar in the recent past. Earnings from apparel exports have also been increased by 30 percent after the restoration of GSP+ concession,” Minister Senasinghe said.

Addressing the gathering at a special ceremony held at the Industrial Technology Institute (ITI) yesterday, he said the success of the export strategy depends very much on the capacity of the Government and people to provide a conducive environment for enhancing exports. The country is also unable to achieve targets unless we have administrative efficiency, research and hi-tech development and hardworking workers, supportive macro-economic policies and economic reforms.

“An opportunity must be given to rural entrepreneurs by providing them easy access to credit, technology, business knowledge and markets. A mechanism should also be created for enhancing technology development and creating access for transferring technology from other countries to our country which are key elements in efforts to ensure the economic development,” he added.

Irangika Range