Sri Lanka eyes US$ 3-5 billion additional export revenue

Sri Lanka eyes US$ 3-5 billion additional export revenue

12 June 2021 11:53 am

The resilience of the export community was quite evident with the $ 14 billion export earnings recorded last year despite the supply chain and market access constraints due to the COVID-19 pandemic, EDB Chief Suresh de Mel said.

This year, the EDB has a target of $ 16 billion despite the continued local and international shocks amidst the pandemic.Sri Lanka’s top 10 export markets include the United States, the UK, India, Germany, Italy, Belgium, Netherlands, China, Canada and Turkey he added. 

Sri Lanka eyes US$ 3-5 billion additional export revenue through rubber products, agri and food processing, and through the export of fish, Finance Ministry sources revealed.

Sri Lanka is looking to add $ 3-5 billion additional export revenue through rubber products, agri and food processing, and through the export of fish. 

The island nation is already known to be the global capital for solid tires. Top tire manufacturers have already taken root in Sri Lanka, along with tyre exports and vibrant rubber-based products, manufacturing close to $ 1 billion worth of exports today.

With the recent expansions and the projects in the pipeline, the overall exports expected to reach $ 1.8 billion by 2023, well on the way to creating a $ 2.5 billion export market by 2025.”

Last year Sri Lanka’s merchandise exports amounted to $ 10 billion and the Government has set a target of $ 12 billion in 2021 of which $ 3.6 billion has been achieved by April.

Given the recent policy push to embrace organic farming, a senior Finance Ministry official pointed out that global food manufacturers have an unprecedented opportunity to take advantage of sourcing organic produce for food processing to cater to rising global wellness trends. 

He said “With  vast coastlines and extensive exclusive economic zones, Sri Lanka can increase aquaculture and marine exports multi-fold, emulating countries like Indonesia and the Nordic nations, which have effectively harnessed its aquatic resources.” 

With the latest addition of the Colombo Port City project this offers significant opportunity for real estate investors to capitalise on key infrastructure builds such as hospitals, international schools, entertainment districts, mixed development projects, marina and convention centers.

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