FDB to tap new, unexploited markets

Hiran H. Senewiratne

The Export Development Board (EDB) is looking for new markets to strengthen local exports from Sri Lanka, which are unexploited upto now, its Chairman Anil Koswatte said.

“Although Sri Lankan exports have gone to more than 140 countries 90 per cent of exports generate from less than 50 countries,” Koswatte told the Daily News Business.

EDB Chairman Anil Koswatte

Currently, they are operating its activities such as trade promotions through trade missions. Therefore, EDB will appoint 25 Business Councils in strategic locations to attract more export orders to the country, he said.

According to EDB statistics Sri Lanka exports 4600 products to different countries but still Sri Lanka is yet to export many new products including organic and bio products to new markets, he said.

Koswatte said to strengthen exports from grassroots levels, the EDB would reach out to other regions in the country to facilitate exports.

The EDB hopes to initiative a one-stop-shop concept to coordinate exports with markets.

The EDB will be restructured to create a more vibrant organisation.

Being the apex body in Sri Lanka’s exports EDB facilitates local exporters in different stages through bilateral and multilateral agreements with unexploited markets, he said.

Sri Lanka’s total export is US$ 8.2 billion and this amount could be increased by penetrating into untapped markets in the world.

He said that Sri Lanka was able to achieve a revenue of US$ 7.7 billion on exports for 2006 at an increase of 12.48 per cent in comparison with the previous year, over the high competitive scenario aiming a target US$8 billion revenue for 2008.