Minister stresses need to look for new export markets

It was essential that Sri Lanka introduced new products to its range of exportable items and also looked for newer markets for the purpose of maximizing returns. For this to be achieved, it has to forego old traditional thinking and develop creative mechanisms, said Minister of Export Development and International Trade Prof. G.L. Peiris.

He was speaking at a meeting held recently at the Kingai Kagaku (Lanka) Ltd. at Poruwadanda, Horana where the first consignment of local herbal and beauty culture products worth US$ 500,000 was issued for export to Iran . The Kingai Kagaku (Lanka) Ltd ventured into the sphere of exporting beauty culture products under a programme initiated by The Ministry of Export Development.

He said the Ministry of Export Development and the Export Development Board had jointly formulated a plan of action and an unprecedented sum of Rs. 1,000 million has already been allocated for the strengthening and stabilizing the already existing markets as well as for finding and promoting new markets for our products. This was in addition to the Rs. 500 million that had been earmarked for a series of programmes to evenly distribute any dividend emanating from exports throughout the country.

Referring to the present international financial crisis, Prof. Peiris said that industrial countries today are faced with a crisis that was as severe as the Great Depression that hit the world economy in the 1930s. In the present globalised economy, countries such as Sri Lanka, which are very much a part of the international trading regime would not be able to escape unscathed. As such, new avenues had to be searched for, if the growth momentum was to be maintained.

He pointed out that in Sri Lankan exports at present, there was an apparent shift towards the non-traditional sector. One such area had been herbal and beauty culture products. Observing that such products had been in use for centuries in Sri Lanka, he said that it had to be appreciated that the organisation concerned had creatively turned such knowledge and tradition into a money-making opportunity for the country.

The Minister drew attention to the need to look for new markets for Sri Lanka's products and said that Iran was one such place. He said this consignment alone would result in the earning of foreign exchange worth US$ 500,000. He said that these Sri Lankan products could be termed as a synergic expression of Sri Lankan creativity and Japanese technology.

Prof. Peiris pointed out that Sri Lanka could enter the Iranian beauty products market only after competing with 29 other countries which indicated the international acceptance of quality and the high standards of Sri Lankan products. He thanked the Dreamrone Group of Companies for providing employment to more than 350 people and boosting the local economy of the area while aggressively taking part in the country's export drive.

Among other who addressed the gathering were Ven. Miyurupalane Sumedha Thera, Adhikarana Sanganayake of the Western Province, Priyanka Fernando, Managing Director, Dreamrone Group of Companies and Yasapala Koralege, Chairman, Horana Pradeshiya Sabha.