The country’s exports earnings for June recorded commendable growth. However, it is necessary to have the right balance between commodity and cost.
According to provisional Customs data, Sri Lanka is heading in the right direction despite challenges. Exports to our key markets the USA and EU, especially to USA have shown a satisfactory increase in June 2013, Sri Lanka Export Development Board (EDB) Chairman and Chief Executive, Bandula Egodage told Sunday Observer Business. The problems in our key markets indicate that we should focus on diversifying our markets to other regions. The Asian region comprising China and India has registered substantial economic growth, he said.
“Accordingly, we are concentrating on diversifying our markets in these regions. The potential is high in the other member countries in the BRICS group. This will be done while sustaining our market share in existing markets,” Egodage said
“We need to create a triple win situation benefiting the export community, the country and the facilitator. The export sector of Sri Lanka after showing strong growth in 2010 and 2011 experienced a setback in 2012. The turmoil in key markets lead to a drop in demand not only for our exports but also exports of other developing and emerging economies,” he said.
“We strongly believe that private-public partnership is essential for growth and development of the export sector. This partnership is important not only to formulate successful export development strategies but also in implementing it,” Egodage said. “We have already carried out promotional programs in India and China with many in the pipeline for better penetration. The strategic plan prepared by the EDB in consultation with the Advisory Committees has been updated to cover the period 2012 to 2016,” he said.
It contains several programs aimed at developing and adopting products and services to meet international market requirements, assisting exporters to identify new markets, facilitate supply chain efficiencies and promoting export-oriented SMEs, he said.
The EDB is also focusing on branding as a strategy to increase the popularity of our products and enhance export earnings. The government’s vision is to transform Sri Lanka into a strategically important economic centre.