In line with the new Government’s policy of ‘A Thriving Nation – A Beautiful Life’, President Anura Kumara Dissanayake directed officials to take the necessary steps to increase export revenue to US$ 36 billion by 2030.
The President expressed these views during the meeting of the Export Development Council of Ministers (EDCM), held at the Presidential Secretariat yesterday (27).
This meeting of the EDMC in 2025 marks the resumption of the committee’s activities after a gap of 28 years, making it a notable milestone.
The EDMC, established on September 11, 1980, has met sporadically over the years. However, it had not been convened between 1992 and 2020, and even in 2020, no significant decisions were implemented.
Export revenue, which stood at US$ 16.1 billion in 2024, is expected to rise to US$ 18.2 billion this year, with a long-term goal of reaching US$ 36 billion by 2030 through a comprehensive action plan.
The discussions emphasised the importance of strengthening domestic production and transitioning to an export-driven economy. Participants also highlighted the need to leverage Sri Lanka’s strategic location, human resources, and natural assets to develop a sustainable industrial growth plan.
This focused on revitalising struggling domestic manufacturing industries, enhancing the competitiveness of export sectors, promoting the services industry, and capturing global markets through innovative strategies. Additionally, attention was drawn to 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.
Key decisions and discussions at the meeting included:
A decision was made to establish a VAT refund system at the Bandaranaike International Airport for goods purchased by tourists.
To address delays and inefficiencies in the inspection of export products, plans have been made to replace the manual system with an automated scanning system that complies with international standards. This system will be installed at the Bandaranaike International Airport with funding allocated by the Industries Ministry.
It was also decided to permit the ‘inspection of railway engines’ manufactured in Sri Lanka, which had previously posed a barrier to exports, to be conducted within the country.
It was decided to introduce renewable energy sources to reduce costs within the export industry and to launch a programme to encourage exporters to adopt modern technology, enhancing cost efficiency while conserving electricity.
It was decided to provide funding from the CESS fund to implement programmes focused on entrepreneurs and investors to achieve export targets.
Investment Facilitation Committee was established to facilitate investment in the export sector by providing investment support for both domestic and foreign investments.
It was decided to provide export incentives for the export of gems and jewellery by identifying the correct export value through an appropriate method.
The Government has focused on the export of electronic equipment and devices manufactured locally, and discussions were held regarding providing customs duty concessions on raw material imports for this purpose.
Special attention was given to the digitalisation of data systems related to the export industry in the implementation of the above decisions.
There was also a focus on increasing the bank guarantee limits for incentivising service exports.
The meeting also addressed challenges currently facing the export sector and potential solutions. Issues related to the inspection of apparel exports were highlighted, and resolutions were formulated with the consensus of all stakeholders.
The committee comprises representatives from various ministries, including Trade, Shipping, Plantations, Agriculture, Industry, Textiles, Fisheries, Finance, Foreign Affairs, Supply Chain, and Rural Development. Its primary objective is to enhance Sri Lanka’s global competitiveness by formulating and implementing national export development policies and programmes.
Industry and Entrepreneurship Development Minister Sunil Handunnetti, Transport, Highways, Ports, and Civil Aviation Minister Bimal Rathnayake, Plantation and Community Infrastructure Minister Samantha Vidyarathne, Trade, Commerce, Food Security and Co-operative Development Minister Wasantha Samarasinghe, Rural Development, Social Security, and Community Empowerment Minister Dr. Upali Pannilage, Sri Lanka Export Development Board (EDB) Chairman MangalaWijesinghe, Secretaries of relevant ministries and other state officials attended the meeting.
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