Sri Lanka is gearing up for a transformative economic journey, with the Export Development Board (EDB) aiming to achieve $45 billion in export revenue by 2030. EDB Chairman Mangala Wijesinghe recently outlined an ambitious plan to boost annual export growth to 15%, a significant leap from the current 4%.
Vision for Export Growth
At a recent media briefing ahead of the Voyage Sri Lanka: Sailing to the Blue Economy conference, Wijesinghe shared the Government’s strategy to enhance the country’s export capabilities. This plan focuses on merchandise, services, and tourism, projecting:
- Merchandise exports to grow from $12 billion to $25 billion.
- Service exports, including IT/BPM, financial services, and logistics, to increase from $3.1 billion to $11.5 billion.
- Tourism earnings to climb from $2 billion to $8.5 billion.
“This ambitious target is achievable through the right policies, collaboration, and focus on key industries,” Wijesinghe stated.
Improving Per Capita Export Income
The EDB also aims to raise Sri Lanka’s export per capita income from $680 to $1,000 within five years. According to Wijesinghe, this increase will improve the country’s overall economic well-being and strengthen its position in global trade.
Challenges and Opportunities for SMEs
Sri Lanka’s export sector currently includes 4,425 exporters offering 2,900 products. However, only 9-10% of these exporters, approximately 474 companies, generate over $1 billion annually. The majority are small and medium enterprises (SMEs), which require scaling to medium and large enterprises to meet the $45 billion target.
“SMEs need to diversify their offerings, focusing on value-added products to remain competitive and drive export growth,” Wijesinghe emphasized.
Focus on High-Potential Sectors
Marine Industries
Marine industries have been identified as a key growth area. With the global maritime sector valued at $1.5 trillion, Sri Lanka’s current contribution is only $200 million annually. Wijesinghe believes this can surpass $1 billion in the coming years.
The Voyage Sri Lanka conference will spotlight opportunities in the marine sector, bringing together 200 international participants from over 40 countries. “Marine industries have untapped potential. By showcasing these opportunities, we aim to position Sri Lanka as a regional hub for the blue economy,” Wijesinghe said.
Rubber and Rubber-Based Products
Sri Lanka’s rubber exports currently contribute $800 million annually to the global rubber market, valued at $500 billion. Wijesinghe highlighted the need for the country to venture into re-exports and develop new value chains within this sector.
Other Key Sectors
The EDB has been working closely with exporters and government agencies to identify industries with immediate growth potential. These include:
- Apparel and textiles – already a strong contributor to exports.
- Gems and jewellery – leveraging Sri Lanka’s natural resources.
- Agriculture – focusing on value addition and sustainability.
- Tourism – increasing global appeal with targeted campaigns.
- Emerging green technologies – tapping into the global demand for sustainable solutions.
Long-Term Roadmap for Success
To achieve these ambitious targets, the Government has developed a five-year export and investment roadmap. This comprehensive plan focuses on scalability, long-term planning, and building foreign investor confidence. Wijesinghe assured that the roadmap addresses concerns about political stability, a key factor for attracting foreign direct investments (FDIs).
“The roadmap provides clarity and confidence for investors, which is critical for driving economic growth,” he said.
Unlocking Sri Lanka’s Export Potential
Sri Lanka’s economic transformation depends on unlocking its export potential through strategic initiatives. Wijesinghe expressed optimism about achieving these targets, emphasizing the importance of collaboration between the Government, private sector, and international stakeholders.
“This journey requires strong commitment and the ability to adapt to global market dynamics. With the right framework, Sri Lanka can emerge as a stronger player in global trade,” he concluded.
Conclusion
With a clear vision and a detailed roadmap, Sri Lanka is poised to achieve remarkable growth in exports. The focus on high-potential sectors such as marine industries, rubber products, tourism, and green technologies, combined with scaling up SMEs, will be key to achieving the $45 billion target by 2030. The Government’s efforts to build investor confidence and promote strategic initiatives underline its commitment to transforming Sri Lanka into a competitive global exporter.
