13 September 2022 12:09 am Views - 299
EDB Chairman Suresh de Mel
Pic by Kithsiri de Mel
Sri Lanka’s struggle to expand its export market and basket due to the poor awareness of global market dynamics, the Export Development Board (EDB) said, asserting the need for exporters and the supporting stakeholder agencies to step up efforts in this regard.
According to EDB Chairman Suresh de Mel, “awareness of markets, and market intelligence is what is lacking”.
“There are new markets. There is a trade shift happening around the world, and new trends emerging. It is important for us to keep ourselves updated with the changes,” he said.
De Mel shared his views while addressing a session on ‘Business Opportunities and Experience Sharing Between Sri Lanka and Korea’ hosted by the Ceylon Chamber of Commerce (CCC).
Efforts are taken by the EDB to encourage Commercial officers in foreign missions to keep a tab on the latest trends in the nations they are established in so that the know-how is shared with the export community at home.
The EDB chief stressed such knowledge sharing is essential so that exporters can be educated on the latest development, and are able to take advantage of the new opportunities as they become available.
As the global market is undergoing rapid changes, de Mel said more efforts are needed now than before to diversify the product offering and the target markets. Several attempts have been made in the past to diversify export products; however, Sri Lanka has made lacklustre progress in this regard. Sri Lanka largely engages in traditional exports and has much to do to be active in the non-traditional export space. De Mel also asserted the need for more coordination and connectivity between the exporting community and line agencies and chambers so that exports from the country can reach its maximum potential. The EDB chief called on sector stakeholders to capitalise on the virtual connectivity trend, which is time and cost-effective, to improve productivity and efficiency of their efforts.