In a significant development aimed at transforming Sri Lanka’s economic framework, President Anura Kumara Dissanayake has reactivated the Export Development Council of Ministers (EDCM), marking a proactive strategy to achieve a $36 billion export target by 2030(Export Plan). This bold initiative underlines a national shift toward an export-driven economy, reinvigorating the Council’s role after a period of dormancy since its last meaningful activity in 1992 and a brief resurgence in 2020.
Leveraging National Assets for Global Competitiveness
The revitalization of the EDCM is set against the backdrop of leveraging Sri Lanka’s strategic geographical position, skilled labor force, and rich natural resources. The Council, comprising key figures from various ministries including Trade, Shipping, Plantations, and more, aims to formulate and enforce national policies that boost Sri Lanka’s standing in the global market. The focus is on enhancing the competitiveness of domestic industries and expanding the country’s export footprint, crucial for achieving the ambitious $36 billion target.
Key Strategies and Innovations(Export Plan)
President Dissanayake’s administration is introducing several innovative strategies to propel the export sector:
- VAT Refund for Tourists: A new VAT refund system at airports will encourage tourists to purchase ‘Made in Sri Lanka’ products, boosting local crafts and industries.
- Automated Scanning Systems: To reduce delays at customs, automated scanning systems will be installed at Bandaranaike International Airport, streamlining the export process.
- Domestic Inspection of Railway Engines: By enabling local inspections of railway engines, a significant barrier to exporting locally manufactured engines has been removed.
- Renewable Energy and Technology Adoption: The government is focusing on renewable energy sources and modern technology to reduce production costs and enhance efficiency in the export sector.
Financial and Policy Support
To support these initiatives, substantial financial resources are being allocated from the CESS fund to aid entrepreneurs and investors in meeting export goals. This includes:
- Support for Key Industries: Specific incentives are being established for the gems, jewellery, and electronics sectors, including accurate valuation methods and customs duty concessions on raw material imports.
- Banking Reforms: Proposals are in place to increase guarantee limits for service exports, providing a financial safety net that encourages growth in this sector.
Addressing Challenges and Streamlining Processes
The EDCM meeting also addressed current challenges within the export sector, including the need for modernized technology and digital transformation. Plans to upgrade export data systems and streamline administrative processes were discussed, aiming to enhance efficiency and reduce bureaucratic overhead.
A Collaborative Approach
The renewed focus on exports was collaboratively formulated with inputs from all stakeholders, reflecting a unified approach to national economic development. Notable attendees included ministers from various key sectors, industry leaders, and representatives from the Sri Lanka Export Development Board, ensuring a comprehensive strategy that accommodates various industry needs and perspectives.
Conclusion: Towards a Thriving, Export-Driven Economy
The strategic reactivation of the EDCM by President Dissanayake is a clear indicator of Sri Lanka’s commitment to reshaping its economic landscape into a robust, export-oriented economy. By focusing on strategic asset utilization, innovation, and collaborative policy-making, Sri Lanka is poised to not only meet its export targets but also to enhance its economic stability and global competitiveness in the years to come.
This initiative not only promises to elevate Sri Lanka’s economic stature but also aims to create a thriving nation with a beautiful life for its citizens, echoing the government’s vision for progress and prosperity. As the country moves forward with these ambitious plans, the global market awaits the unique offerings of a revitalized Sri Lankan export sector.
