Sri Lanka aims to reach US$ 12.5 billion export revenue this yearFriday, July 03, 2015 > 09:24:40
Sri Lanka Export Development Board (EDB) Chairman and CEO Bandula Egodage said Sri Lanka should strive to reach the US$ 50 billion export revenue target by 2050.
While admitting the target was challenging, Egodage said nevertheless it is feasible. He noted that this year Sri Lanka's total merchandise exports are also expected to reach US$ 12.5 billion revenue target by the end of 2015.
He said the mission of EDB is to enhance global competitiveness, maximize export earnings and achieve national economic goals.
The Chairman outlined five key areas the export sector must focus on in achieving US$ 50 billion target by 2050. He asserted that Sri Lanka needed a strategic plan to attract Foreign Direct Investment (FDI), one of the key areas.
According to the Chairman, Sri Lanka needs to further introduce high-tech and value added products to Sri Lankan export product basket. The other areas need to be focused on are the sufficient value addition, proper implementation of Free Trade Agreements (FTAs), and increased inflow FDI.
He said Sri Lanka as a country needs to improve real branding in the areas of labelling, advertising, intellectual property rights to supplement this growth.
"We also need to look at the proposed free trade agreement between China and Sri Lanka and the 21st century maritime silk route initiative because Sri Lanka should make efforts to attract more foreign direct investments into the country," Egodage said.