EDB unveils 2011-2015 strategic plan today:
Non-EU exports to increase
Advisory committees established:
Gayan Kanchana
The main objective of the Export Development Board’s (EDB) new
strategic plan for the year 2011-2015 which will be launched today is to
increase the country’s export value of products and services to US $ 15
billion by 2015.
Janaka Ratnayake |
“In line with Mahinda Chintana Vision for the future, we must also
achieve export earnings of US $ 20 billion by 2020,” EDB Chairman Janaka
Ratnayake told the Daily News Business.
“The other objectives of the new strategic plan is to increase
exports to markets other than the EU and the USA by over 50 percent by
2015, while consolidating the market position in the EU and the USA and
to pay particular attention to seven identified key product sectors,
which will contribute over 80 percent of total export value, and achieve
significant growth in those sectors” Ratnayake said.
“Among the key products identified by the EDB for promotion and
development include tea, rubber products, diamonds, gems and jewellery,
ICT and BPO, food and beverages and spices and allied products. The EDB
will focus on developing these key products as well as on developing
other products. An in-depth study in terms of strength and weaknesses
has been carried out to identify product sectors. Strategies required to
develop these sectors have also been formulated.
“Cooperation between the private sector and the public sector is
essential to implement the strategic plan. The establishment of Advisory
Committees by the Industry and Commerce Minister, under section 10 of
the EDB Act will enable the achievement of the required cooperation.
“The gazette notification to give effect to the establishment of the
Advisory Committee has also been published. Twenty Advisory Committees
have been established altogether to cover the main product and services
sectors,” he said.
The Advisory Committees comprise prominent figures in the business
sectors as well as senior officials in the Government sector. These
Advisory Committees will identify the problems confronting the export
sectors and find mechanisms to solve these problems, he said. Ratnayaka
also said, “The export sector of Sri Lanka grew at an average growth
rate of 8.8 during 2004-2008. However, the sector experienced a severe
set back of 12.5 percent during 2009 consequent to the adverse effect of
the global economic turmoil.
“However the export sector is presently experiencing an improvement
and it has recorded an encouraging growth rate of 12.4 percent during
January - October 2010 compared to the corresponding period in 2009. The
positive trend is reflected in both major categories of export
agricultural and industrial. “The agricultural sector contributed 25
percent to the total exports which recorded a good growth rate of 22
percent during the first ten months of 2010. Industrial exports
accounted for nearly 72 percent of the total exports registering a
growth rate of 9.0 percent,” he said. |