EDB to roll out five-year strategic plan to boost exports

• Strategy being drafted with the objective of increasing Sri Lanka’s exports to US$ 31.3 billion by 2027

As Sri Lanka is in dire need to expand its export basket and the markets, the Export Development Board (EDB) is in the midst of formulating a five-year strategic plan.
EDB, which celebrated its 44th year in operation yesterday (August 1), said a strategic plan for 2023 to 2027 will be unveiled soon.
The strategy is being drafted with the objective of increasing Sri Lanka’s exports to US$ 31.3 billion by 2027. The plan also encompasses increasing the market share of Sri Lanka in the top 10 existing export markets by 10 percent annually.

The identified markets are the USA, UK, India, Germany, Italy, the Netherlands, Canada, the UAE, Belgium, and France. Further, 10 to 15 new potential markets will be identified.
According to the EDB, the expansion of exports will be done by promoting customised value-added products and services to the identified niche markets with premium prices and carrying out product–market analysis on high-end niche markets in addition to disseminating their findings with the exporter community. 
“The EDB is determined to serve the nation by undertaking its role as the nation’s apex export promotion agency, as Sri Lanka embarks on its journey towards becoming a developed nation by 2048 in order to create a standard-of-living to its citizens which is filled with hope and prosperity,” the agency said in a statement to the media. 

EDB was established in 1979 with the objective of establishing a strong government-level institutional framework to develop and promote Sri Lanka’s exports in order to integrate with the global economy consequent to the adoption of liberal economic policies in 1977, and it has been at the vanguard in terms of promoting and developing exports in Sri Lanka for over four decades.

EDB, as the nation’s premier export promotion agency, from its formation in 1979, has played a pivotal role in this transformation by serving as a policy adviser, monitor, promoter, facilitator, and knowledge provider for the promotion and development of Sri Lanka’s exports. 
EDB has extended numerous services to Sri Lankan exporters for their capacity building, product compliance with international standards & regulations, market access, branding & promotion, diversification of products/markets, resolving industry issues and non-tariff barriers in the export markets, evolving to meet the nation’s requirements over the years.