"Lanka could withstand adverse global economic trend"

Sanjeevi JAYASURIYA

Sri Lanka will be able to withstand the adverse global economic trend, as the export sector has shown resilience over the past two years. Despite the sector showing a decline in the first five month, performance and strategies are in place for the country to reach export targets by 2020, Sri Lanka Export Development Board Chairman and CEO Janaka Ratnayake said.

The export sector bounced back in 2010 and 2011 amidst the global financial crisis. This year there is a 4 percent decline in the first five months where US $ 900 million exports were recorded in June. However, as the trend had been to record more exports in the second half, it will enable the sector to reach targets by the year end, he said at the meeting to discuss the present status of the export sector and submission of proposals to national budget 2013 held at the EDB auditorium yesterday.

We are very optimistic that exports could surpass the US $ 11 billion mark this year too and thereby recording 20 percent growth. Rupees one billion will be injected to the export sector to sustain the growth momentum as no economy can be developed without external trade.

Despite a drop in exports from India and China to USA, our exports to the USA has gone up by 2 percent which is a good sign, he said.

According to the IMF and World Bank predictions, the economic crisis at present will prevail further. We have already deployed a team to address the declining trend and ascertain root causes to address the issue.