Seven product sectors for 80 percent export earnings:

Expo 2012 in March

Spice logo launched:

Ravi LADDUWAHETTY

Export Development Board Chairman Janaka Ratnayake addressing the Presidential Export Awards ceremony said the strategic plan adopted by the Board has identified seven key product sectors that will generate 80 percent of export earnings.

These product sectors, he said were apparel, tea, rubber, gems and jewellery, information communication technology, (ICT)/ knowledge process Outsourcing/ business process outsourcing, food and beverages and spices and allied products.

Products such as rubber, gems and ICT and food and beverages will be developed to be billion dollar export industries by 2015 while apparel and tea industries will be strengthened to increase their contributions.

The EDB will allocate more resources and focus it’s energies to develop these key product sectors while maintaining a sustainable development of other product sectors as well as SME sectors. He said the EDB also hoped to transform some of his key product sectors ‘Over 50 percent of our products and services are exported to the USA and EU markets which highlight our high dependence in this regions,” he said.

“Therefore, it is vital that we diversify into new markets while strengthening our position in these established markets.

“In our strategic plan we have recognized new growth centres in the South East Asian region and the African region and countries such as China, India, Malaysia and Singapore will be focused.

The EDB will intensify market promotion activities in these countries.

“In addition , EDB will focus on value addition, ethical manufacturing practices, eco-friendly manufacturing processes, organic products and branding products nationally and internationally to create more value for products and services exported”, he said.

The EDB is planning to organize “Sri Lanka Expo 2012” an international trade fair in March next year. The objective of the fair is to attract overseas buyers to Sri Lanka while instilling confidence in product and services. Over 300 exporters will display their products and services.

They expect to attract more than 500 buyers covering all market regions.

“The export sector which experienced a setback in 2009 due to the global financial crisis improved gradually in 2010 recording a growth rate of 17 percent.

“The exports improved remarkably in 2011 by registering a growth rate of 44 percent during the first four months of the year. Exports to EU registered a very high growth rate of 63 percent while export to USA also grew by 51 percent during this period.

“With this positive outlook it will not be difficult for us to achieve the export target of US $ 15 billion by 2015. I am sure the Presidential Export Awards will be a significant motivating factor in achieving this target”, he said. “He also urged the President to reactivate the Export Development Council of Ministers which had been dormant for over a decade.