President Dissanayake sets ambitious export target of US $ 36bn by 2030
- 5opn1
- January 28, 2025
- Political
- President Dissanayake sets ambitious export target of US $ 36bn by 2030
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Announces target at Export Development Council of Ministers meeting yesterday
Emphasises importance of strengthening domestic production and transitioning to an export-driven economy
Officials asserted need to leverage island nation’s strategic location, skilled human resources and abundant natural assets
Sri Lanka’s export fraternity must intensify efforts to diversify its markets and product basket as President Anura Kumara Dissanayake has directed the industries and officials to work towards achieving an ambitious export revenue target of US $ 36 billion by 2030.
With 2024 ending on a high note, recording the highest-ever export revenue of US $ 16.1 billion, plans are in motion to increase this figure to US $ 18.2 billion in 2025. The 2024 export earnings reflect a 7.06 percent growth compared to 2023. The previous record was set in 2018, when the export revenue, including merchandise and services, reached US $ 15.72 billion.
The 2030 target is outlined under the new government’s policy ‘A Thriving Nation – A Beautiful Life’. Dissanayake announced the goal at the Export Development Council of Ministers meeting held yesterday at the Presidential Secretariat. The meeting marked the resumption of the council’s activities after a 28-year hiatus.
The council comprises representatives from key ministries, including Trade, Shipping, Plantations, Agriculture, Industry, Textiles, Fisheries, Finance, Foreign Affairs, Supply Chain and Rural Development. Its primary mandate is to enhance Sri Lanka’s global competitiveness by formulating and implementing national export development policies and programmes.
Discussions at the meeting emphasised the importance of strengthening domestic production and transitioning to an export-driven economy, according to a statement released by the President’s Media Division.
To meet the ambitious export targets, the officials asserted the need to leverage the island nation’s strategic location, skilled human resources and abundant natural assets to develop a sustainable industrial growth plan. Priorities highlighted during the discussions included revitalising struggling domestic manufacturing industries, enhancing the competitiveness of export sectors, promoting the services industry and capturing global markets through innovative strategies.
Additionally, the meeting focused on attracting foreign direct investment under a national framework, creating a conducive environment for new investments, reducing production costs and ensuring the availability of essential infrastructure and resources.
Among the decisions taken was the introduction of renewable energy sources to lower costs in the export industry. A programme will also be launched to encourage exporters to adopt modern technology, improving cost efficiency while conserving electricity.
Efforts will be made to utilise the cess fund to implement programmes targeted at entrepreneurs and investors to achieve export objectives. Furthermore, the government will prioritise the export of locally manufactured electronic equipment and devices, with discussions underway to provide customs duty concessions on raw material imports for this purpose.
Attention will also be given to the digitalisation of data systems within the export industry, alongside increasing bank guarantee limits to incentivise service exports.
