In the year 2008, the Ministry of Export
Development and International Trade will concentrate its efforts
on an export development and promotion programme of achieving an
export income of US$ 13 billion by 2011 for Sri Lanka. The
targeted income for the year 2008 has been placed at US$ 8.6
billion.
The Export sector in Sri Lanka makes a
contribution of 28% to the Gross Domestic Product (GSP) and has
the ability to expand annually by 8% while creating more job
opportunities, helping eradicate poverty and lessening the
inter-provincial income disparities.
With that in mind, several tax concessions along
with other forms of assistance were offered within the year with
a view to create an export-friendly economic atmosphere.
The Sri Lanka Export Development Board (EDB), as
the premier government organization, spearheading the export
development and promotion in Sri Lanka, has undertaken several
sector-specific programmes under the guidance of Prof. G.
L.Peiris, Minister of Export Development and International
Trade.
During 2006, Sri Lanka’s export income increased
by 8.8% over 2005 to US$ 6880 million and this tendency was
visible in 2007 as well when an increase of 12.6% was notched up
during the January-September period.
Sectorwise, such income from agriculture
increased by 13.5% while fisheries and industrial sectors
registered growth rates of 22.3% and 11.3% respectively.
The ministry further intends to spend a sum of
US$ 100 million in 2008 for export development and promotion
purposes as part of a 10-year programme. Steps have also been
taken to inform and persuade the exporters to seek the maximum
benefits from existing Free Trade and GSP+ Agreements and also
to promote and expand the supply of services to the
international construction and engineering market.
The ministry further expects to promote the
concept of value addition among the exporters whereby they would
be encouraged to export finished products instead of the
low-value raw materials. It is also believed that this would
open up new avenues of employment in Sri Lanka.
It is evident that during the last few years,
Sri Lanka has achieved considerable progress in the sphere of
exports despite the raging ethnic conflict and the
daily-increasing oil price. To maintain this momentum, the
ministry has launched several programmes under the direction of
Prof. Peiris and these include efforts to channel the export
dividends towards rural areas and to harness the abundant human
resources in those areas for the export development effort. –
Central Bank
