17 October 2024 01:45 am Views - 73
The newly appointed Export Development Board (EDB) Chairman and CEO Mangala Wijesinghe yesterday urged the country to broaden its export base by targeting high-tech sectors, as part of a broader strategy to boost export revenue.
Wijesinghe, in his first speech since assuming duties, highlighted the need for Sri Lanka to follow the path of countries such as Singapore and South Korea, in developing advanced industries.
“We should diversify and focus more on high-tech industries like electronics and pharmaceuticals,” he said, stressing the importance of moving beyond traditional exports.
Wijesinghe also noted the significant growth in service exports, which generated US $ 3.1 billion in 2023—a 69 percent increase over the previous year. The surge was driven by sectors including information technology, logistics and construction.
“Service exports are critical and the government’s target is to reach US $ 5 billion in ICT exports by 2030. We aim to align with that goal,” Wijesinghe said.
Addressing the structural issues within the export sector, he called for a review of the National Export Strategy, which was implemented in 2018, to streamline the approval processes that he described as “complex” and time-consuming.
Wijesinghe welcomed the new government’s plans to digitalise and interconnect public services and noted that with digitalisation, the processes can be fast-tracked and simplified.
Sri Lanka, which has long relied on exports like tea and garments, faces pressure to expand into higher-value goods and services.
Wijesinghe outlined a target of reaching US $ 30 billion in export revenue by 2030 and called for increasing both the number of exporters and products in the export basket.
He also pointed to the importance of improving the country’s ranking in the World Bank’s Ease of Doing Business Index, where Sri Lanka currently stands at the 99th position.
“We must identify and remove all barriers hindering export growth,” Wijesinghe said, adding that teamwork and alignment with the government’s economic strategy would be crucial to achieving these goals.
Before joining the EDB, Wijesinghe held the position of Chief Operating Officer at Browns & Company, bringing more than 25 years of experience across sectors, including pharmaceuticals, consumer electronics and industrial solutions.