Government targets US $ 36bn in annual exports by 2029
- 5opn1
- November 21, 2024
- Business News
- Government targets US $ 36bn in annual exports by 2029
- 0 Comments
The government has set its sights on an ambitious annual export revenue target of US $ 36 billion to be achieved by 2029, according to the Export Development Board (EDB).
The plan, as outlined by EDB Chairman Mangala Wijesinghe, aims to nearly double the merchandise export revenue by increasing it from the current average of US $ 12 billion to US $ 25 billion, while increasing service exports from US $ 3.6 billion to US $ 11 billion in the next five years.
This growth also includes elevating the current export growth rate of 4-6 percent to a projected 14-15 percent, starting next year, aiming for a total revenue target of US $ 45 billion, including the earnings from tourism.
Sharing the update at an EDB media briefing yesterday, Wijesinghe emphasised that the government has a strong understanding of the crucial role exports play in driving economic growth, noting that several strategies have been outlined to achieve these ambitious targets
