Lanka can reach US $ 20 b export value in 2020

Indunil HEWAGE

Governor Ajith Nivard Cabraal and Nirmali Samaratunga

Sri Lanka is in a position to reach the US $ 20 billion export value by 2020 in the face of prevailing healthy economic conditions in the country, Exporters Association of Sri Lanka Chairperson Nirmali Samaratunga said. “The proximity to China and India is key to the development of the country and Sri Lankan exporters need to promote Sri Lankan products in these countries in addition to existing major export markets for Sri Lankan products. Exporters also need to focus on creating diversified products which will help to generate more foreign income to the country while eliminating over dependency on some identified products,” she said.

Addressing the seminar on “Outlook for exports in 2011 and beyond” at the Export Development Board yesterday she said a healthy environment needs to be created to be more competitive and innovative to create more premium products to the world.

Central Bank Governor Ajith Nivard Cabraal said “Exporters need to look at potential new sectors such as health and education to harness more income to the country. The health sector needs to be coupled with the tourism sector to generate more income to the country. .In addition to that, one third of land and two third of the sea area in the liberated areas have to be utilized in a proper manner to achieve exports and other economic targets,” the Governor said.

The Government is to launch an Informal Pension Fund facilitating millions of employees who are not entitled to Employees’ Provident Fund. The Informal Pension Fund, to be launched in the future will help to improve savings while assisting to have meaningful investments and a higher per capita income in the country.

The Governor said the country had low savings during the last couple of years and was unable to release money for investment purposes in the face of this situation.

However the country has managed to build up strong reserves while relaxing exchange controls in the country.

“This will lead to reduce black market activities in the country”.