EDB confident SL’s FDI appeal will grow after general election

The Export Development Board (EDB) expressed confidence that Sri Lanka’s appeal as a destination for Foreign Direct Investment (FDI) will grow significantly after the General Election.

During the meeting with the EU Ambassador Carmen Moreno, EDB’ newly appointed chief Mangala Wijesinghe said that such stability coupled with the  continuity in policies would create a favourable environment for attracting global investors into the country.

Wijesinghe, who officially assumed duties as the 16th Chairman of Sri Lanka Export Development Board (EDB) on October 16, in his inauguration speech, acknowledged the significant growth in service exports, which generated US$ 3.1 billion in 2023—a 69 percent increase over the previous year.

Attributing the growth to sectors such as information technology, logistics and construction, he went on to stress the need to diversify the focus more on similar high-tech industries such as electronics and pharmaceuticals to continue this growth and improve Sri Lanka’s competitive edge in the global market.

“Sometimes, we may need to review our National Export Strategy, which was implemented in 2018. We need to pay special attention to three key areas: increasing the current per capita export revenue, improving Sri Lanka’s ranking on the ease of doing business index, where we are currently positioned at 99, and achieving an export income of US$ 30 billion by 2030,” Wijesinghe added. (NR)