Sri Lanka (Commonwealth Union)_ The Export Development Board (EDB) has announced its ongoing efforts to formulate a comprehensive 5-year strategic plan aimed at bolstering Sri Lanka’s export sector. As per their statement, the primary goal of this plan is to elevate Sri Lanka’s total exports to USD 31.3 billion by the year 2027. In pursuit of export expansion, the EDB aims to promote tailored value-added products and services specifically designed for identified niche markets, positioning them at premium price points. Additionally, the organization will conduct in-depth product-market analyses for high-end niche markets and disseminate the findings to the exporter community.
According to the state organization for the promotion and development of exports, to achieve this objective, the plan involves a strategic approach to increasing Sri Lanka’s market share in the top 10 existing export markets by an annual rate of 10%. These key markets include the USA, the UK, India, Germany, Italy, the Netherlands, Canada, the UAE, Belgium, and France. Moreover, the EDB will identify 10 to 15 potential new markets and work towards raising their respective market shares by 5% annually.
The EDB is deeply committed to fulfilling its role as the nation’s apex export promotion agency, aligning with Sri Lanka’s aspiration to transform into a developed nation by 2048, thereby ensuring a future of hope and prosperity for its citizens. The EDB said, “The EDB is determined to serve the nation by undertaking its role as the nation’s apex export promotion agency, as Sri Lanka embarks on its journey towards becoming a developed nation by 2048 in order to create a standard-of-living for its citizens that is filled with hope and prosperity.”
Marking its 44th anniversary in 2023, the Export Development Board was founded in 1979 with the purpose of establishing a robust government-level institutional framework to drive the development and promotion of Sri Lanka’s exports, integrating the nation with the global economy following the adoption of liberal economic policies in 1977. Over the past four decades, the EDB has played a pivotal role in fostering the growth and advancement of Sri Lanka’s export sector.
